08 June 2022, EUR/USD
Technical observation
EUR retraced to the supportive zone it established at 1.0637-1.0649 but did not break below it and as long as it is sustained above the same zone, I expect price to rise towards the resistance level 1.0786. If you are currently holding bullish positions with the pair above, remain long with your take profit at 1.0786 and stop-loss at 1.0548. In case of a clear break above the level 1.0786 with a big green candle, I expect a further surge towards the upper resistance level 1.0928 or even higher to the level 1.1132. As it is on the 4 hour chart above I can only recommend short positions in case of a clear break below the zone 1.0637-1.0649.
Trade recommendation
Remain long with your take profit at 1.0786.
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