Buy a bounce within 1.2183-1.2161 | 28 May 2020

Technical observation

On the 4-hour chart above, price is trading above a supportive zone 1.2183-1.2161 with an increasing bearish momentum. I expect a loss of this bearish movement within the above-mentioned zone followed by an in increase in value towards the resistance zone 1.2625-1.2590. My advice, pick long positions within the zone 1.2183-1.2161 after a bounce with your take profit at 1.2590 and stop loss at 1.2018. In case of a clear breakout below the zone 1.2183-1.2161 followed by a correction and a rejection at it, I expect a possible surge in value of this pair towards the supportive level 1.1768.

Trade recommendation

Buy a bounce within 1.2183-1.2161 with your take profit at 1.2590.