10 May 2022, EUR/USD
Technical observation
On the weekly chart above price declined below the supportive level 1.0694 with a big red candle and this week it is trading with an increasing bullish bias. This upwards movement is a correction to the just broken line and I expect a bounce of price at it to pick short positions with my take profit at 1.0330 and stop loss at 1.0907. As long as EUR is sustained below the level 1.0694, I can only recommend bearish positions for the pair above; however, in case of a rise above this level, I expect a possible momentum to the upper side after a correction and rejection of price at the same line. Right now as it is on the chart above remaining neutral is ideal than picking any positions.
Trade recommendation
Remain neutral.
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