05 May 2021, EUR/USD
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias between a resistance line 1.2248 and a trend line as indicated above. Right now remaining neutral with this pair is ideal than picking any positions. If price declines to the trend line shown above and is rejected at it, I expect an increase in price towards the resistance level 1.2248 and should there be a clear break below the same line with a big red candle, wait for a correction to it and a bounce before you pick short positions towards the key level 1.1605. You can anticipate a further increase in price above the level 1.2248 and a surge in price to the lower side below the zone 1.1605-1.1571.
Trade recommendation
Remain neutral.
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