Expecting bearish movements towards 1.0380 | 21 June 2022

Technical observation

On the hourly chart above price retraced to the resistance zone it established at 1.0537-1.0528 but could not break above it and as long as it is sustained below the same zone I can only recommend bearish positions. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.0380 and stop-loss at 1.0584. Should there be a clear penetration below the level 1.0380 with a big red candle, I expect the value of EUR to plunge after a correction to the broken line; however, in case of a break above the zone 1.0537-1.0528, I expect possible bullish movements towards 1.0638.

Trade recommendation

Remain short with your take profit at 1.0380.