17 May 2021, EUR/USD
Technical observation
Last week, EUR declined to the lower side and it is still showing signs or rallying downwards and this anticipated bearish movement is a retracement to the supportive zone this pair established at 1.1605-1.1571. Right now as it is on the weekly chart above, remaining neutral with this pair is ideal than picking any position. In case of a correction to the zone 1.1605-1.1571, pick long positions within it with your take profit at 1.2248 and stop loss at 1.1388 and in case there is a clear penetration above the level 1.2248 with a big green candle, wait for a retracement to it and a bounce confirming further bullish movements of price before you continue long.
Trade recommendation
Remain flat.
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