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Wait for a correction to the level 1.0637

Wait for a correction to the level 1.0637 | 30 May 2022

30 May 2022, EUR/USD

Technical observation

On the daily chart above price rose above the level 1.0637 then pulled back to it and it was sustained above the level. As long as the value of this pair is contained above the same level, I expect a possible rally to the upper side. Right now, price is trading with an increasing bearish bias above the level I have mentioned above and I expect a rejection at it to pick long positions with my take profit at 1.1119 and stop-loss at 1.0457. Should there be a clear breakout above the zone 1.1163-1.1119, you can anticipate further upwards momentum of price, on your way upwards the key levels to look for include; 1.1499, 1.1889 and the upper resistance level 1.2309.

Trade recommendation

Wait for a correction to the level 1.0637 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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