06 May 2022, EUR/USD
Technical observation
EUR bounced within the resistance zone 1.1163-1.1132 then declined steadily up to the supportive level 1.0503. Currently price is trading with an increasing bearish bias and my expectation is a clear break below this level with a big red candle followed by a correction to it and a further surge to the lower side. In case this pair does not break below the level 1.0503, I expect a retracement to the zone I mentioned above and a bounce within it to re-sell EUR with my take profit at 1.0503 and stop loss at 1.1329. On the daily chart above, bullish positions can only be recommended in case there is a clear break above the zone 1.1163-1.1132.
Trade recommendation
Remain neutral.
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