Wait | 19 May 2021

Technical observation

On the weekly chart above, price is trading with an increasing bullish bias above the resistance line 1.2248. My expectation is a either a clear breakout above it with with a big green candle, or a bonce at it followed by another retracement to the supportive zone 1.1605-1.1571. If you bought EUR within the zone I have mentioned above, at the level 1.2248 is the ideal place to pick your profits. In case of a clear for breakout above the line 1.2248 with a big green candle,wait for a correction to it and a bounce before you continue long, and in case price is rejected at the same level, wait for another retracement to the zone 1.1605-1.1571 to buy EUR.

Trade recommendation

Remain flat.