Wait for a second retracement to buy EUR | 05 May 2022
05 May 2022, EUR/USD
Technical observation
On the hourly chart above price rose above a resistance zone 1.0577-1.0572 with a big green candle and currently it is trading with an increasing bearish bias above the zone I mentioned earlier. My expectation is a continuation of this bearish movement to the same zone followed by a rejection within it to pick long positions with my take profit at 1.0697 and stop-loss at 1.0530. I would however recommend that you wait for a second retracement to the zone mentioned above before you pick long positions. A further surge to the upper side can be expected in case of a clear break above the resistance level 1.0697.
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.
