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Expecting bearish movements towards 1.0380

Expecting bearish movements towards 1.0380 | 21 June 2022

21 June 2022, EUR/USD

Expecting bearish movements towards 1.0380

Technical observation

On the hourly chart above price retraced to the resistance zone it established at 1.0537-1.0528 but could not break above it and as long as it is sustained below the same zone I can only recommend bearish positions. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.0380 and stop-loss at 1.0584. Should there be a clear penetration below the level 1.0380 with a big red candle, I expect the value of EUR to plunge after a correction to the broken line; however, in case of a break above the zone 1.0537-1.0528, I expect possible bullish movements towards 1.0638.

Trade recommendation

Remain short with your take profit at 1.0380.

Imelda Maseno
Analyst of «FreshForex» company
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