We're flat | 14 May 2021

Technical observation

On the 4 hour chart above, price is trading with an increasing bullish bias between a supportive zone 1.2001-1.1993 and a resistance level 1.2181. I expect either a rise to the level 1.2181 or a decline to the supportive zone mentioned above. In case price rallies upwards and penetrates above the key level 1.2181, wait for a correction to it and a bounce before you pick long positions. But if there is a decline to the zone 1.2001-1.1993 , wait for either a bounce within it to buy EUR with your take profit at1.2181, and in case there price does not bounce within the zone but clearly breaks below it with a big red candle, short EUR within it after a retracement.

Trade recommendation

Remain neutral.