02 June 2022, EUR/USD
Technical observation
EUR retraced to the supportive zone it established at 1.0657-1.0641 but could not break below it, instead, it bounced within the same zone and for the past hour price has been trading with an increasing bullish bias. I expect a continuation of this upwards movement towards the resistance level 1.0928 followed by a either a clear break above it or a bounce at it. If you picked long positions within the zone I have indicated above after a bounce, remain in the trade with your take profit at 1.0928 and stop-loss at 1.0531. I can only recommend bearish positions in case of a clear penetration below the zone 1.0657-1.0641.
Trade recommendation
Remain long with your take profit at 1.0928.
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