we are flat | 24 May 2022

Technical observation

EUR did not decline as I had anticipated yesterday but instead rose steadily and broke above the level 1.0594 then continued upwards for some time. Currently the pair above is trading with an increasing bearish bias and I expect a continuation of this upwards movement to the level I have mentioned above followed by a bounce at it to pick long positions with my take profit at 1.0920 and stop-loss at 1.0494. I however recommend that you only pick bullish positions after a second correction and a bounce at the level 1.0594 confirming that the break above the same level is not a false breakout. Right now it is ideal to remain neutral.

Trade recommendation

Remain flat.