11 May 2021, EUR/USD
Technical observation
On the chart above, EUR is trading below a resistance level 1.2176 with an increasing bullish bias, if it rises and penetrates above the same line , I expect buyers to still have the control of the market hence a further momentum to the upper side. In case of a rally to the lower side, pick long positions within the supportive zone 1.1993-1.2002 after a bounce within it. Should there be a clear breakout below the zone mentioned above with a big red candle, it will signal a change in momentum of price hence you can anticipate a rally to the lower side. As long as price is contained above the zone 1.1993-1.2002, you can only expect upwards movements.
Trade recommendation
Remain neutral.
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