Looking to buy EUR | 03 June 2020

Technical observation

Since it broke above a resistance line 1.0985, EUR has been rising steadily with an increasing bullish momentum and even penetrated above a resistance zone 1.1150-1.1131. EUR is still rallying upwards and this is a potential bullish dominance signal. I expect a retracement to the just broken zone followed by a bounce within it for upward movements to the key level 1.1453. My advice, wait for a correction to the zone 1.1150-1.1131 and a bounce to buy EUR with your take profit at 1.1453 and stop loss at 1.1058. AS long as price is contained above 1.1150-1.1131, we can only anticipate bullish price movements.

Trade recommendation

Wait for a retracement to 1.1150-1.1131 to buy EUR.