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Expect a rally to the level 1.2248

Expect a rally to the level 1.2248 | 13 May 2021

13 May 2021, EUR/USD

Technical observation

ERU is trading with an increasing bearish bias below a resistance level 1.2248. This indicates that there is a possible change in the direction of movement of price; however, the possible bearish movement is a retracement to the supportive zone 1.1605-1.1571. If you are currently long with this pair, you can pick your profits now. In case of a penetration above the level 1.2248 with a big green candle, wait for a correction to the just broken line and a bounce at it before you can continue long with this pair towards the key level 1.2909. As it is on the weekly chart above, as long as price is contained above 1.1605-1.1571, I can only recommend long positions.

Trade recommendation

Remain long and pick your profits at the key level 1.2248.

Imelda Maseno
Analyst of «FreshForex» company
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