Wait | 19 May 2022

Technical observation

On the hourly chart above price declined yesterday as I had predicted but did not go beyond the supportive level 1.0436. Currently it is trading with an increasing bullish bias and I expect a continuation of this upwards movement to the resistance zone 1.0572-1.0577 followed by a rejection within it to re-sell EUR with my take profit at 1.0436 and stop-loss at 1.0625. Should there be a clear break above the zone i have mentioned above, you can expect the value of this pair to ascend towards the resistance level marked at 1.0697 or even higher to the key level 1.0823. Right now I would advise that you remain flat.

Trade recommendation

Remain neutral.