04 May 2022, EUR/USD
Technical observation
On the daily chart above price declined up to the supportive level 1.0503 but could not break below it, instead it bounced at the level and yesterday it rose slightly. Today I expect a continuation of this upwards movement towards the resistance zone 1.1160-1.1127, I would advise that you remain neutral and wait for a correction to the zone I have mentioned above then pick short positions within it after a bounce with your take profit at 1.0503 and stop loss at 1.1309. I can only recommend bullish positions in case of a clear beak above the zone 1.1160-1.1127; further bearish movement can be expected if price breaks below the level 1.0503.
Trade recommendation
Wait for a correction to the zone 1.1160-1.1127 to sell EUR.
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