Wait | 04 June 2021
04 June 2021, EUR/USD
Technical observation
On the chart above, price declined and broke below the supportive zone 1.2172-1.2161, it hit the stop loss level I mentioned yesterday and it is still showing signs of declining even further. As it is on the 4 hour chart above, as long as price is contained below the zone 1.2172-1.2161, you can only anticipate a momentum to the lower side. My advice, remain neutral and wait for a correction to the zone 1.2172-1.2161 and a rejection within it confirming possible bearish movements of price before you pick short positions with your take profit at 1.1992 and stop loss at 1.2207. In case of a break below 1.1992, continue short towards 1.1803.
Trade recommendation
Remain neutral.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
