We're flat | 21 May 2021

Technical observation

This week EUR rose up to the resistance level 1.2248; if you were bullish with this pair, right now is the ideal place to pick your profits. On the chart above i expect a clear break above the key level 1.2248 with a big green candle, however price can still bounce at the same level and if this is the case then wait for another correction to the zone 1.1505-1.1571 and a pick long positions within it with your take profit at 1.2248 and stop loss at 1.1398. In case of a clear penetration above the level 1.2248, this is a sign that buyers are still in control of the market hence you can anticipate a further momentum to the upper side after a correction to the broken line.

Trade recommendation

Remain neutral.