18 May 2022, EUR/USD
Technical observation
On the chart above price retraced to the resistance zone it established at 1.0579-1.0572 but could not break above it, instead it bounced below the zone and as long as it is sustained below the same zone I expect bearish movements towards the supportive level 1.0469. If you are currently holding bearish positions with the pair above, remain in the trade with your take profit at 1.0469 and stop-loss at 1.0612. A further momentum to the key level 1.0353 can be expected in case of a clear break below the supportive line 1.0469. I can only recommend bullish positions in case of a clear penetration above the zone 1.0579-1.0572.
Trade recommendation
Remain short with your take profit at 1.0469.
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