Remain flat | 25 June 2021

Technical observation

This week I expected a momentum of price to the supportive zone 1.1605-1.1571, however, price rose with a big green candle and I expect this week’s candle to close bullish. Despite this upwards movement I still anticipate a retracement to the supportive zone I have mentioned above followed by a rejection within it to re-buy EUR with my take profit at the resistance level 1.2248 and stop loss at 1.1371. On the chart above, as long as price is contained above the zone I have mentioned above, I can only recommend bullish positions for this pair, you can only anticipate bearish movements below the supportive zone 1.1605-1.1571.

Trade recommendation

Remain neutral.