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We're flat temporarily

We're flat temporarily | 28 November 2018

28 November 2018, EUR/USD

We're flat temporarily

Technical observation

On the hourly chart above price is rallying on a downward trend. After a rejection within the resistance zone 1.1373-1.1366, EUR has been declining towards the support 1.1269. My expectation is either a clear penetration below it or a bounce at it followed by a correction to 1.1373-1.1366.In case of a clear break below the level, wait for a pullback to it confirming bearish momentum of price before you sell this pair, and should there be a rejection at it, wait for a correction to 1.1373-1.1366 and a bounce within it to re-sell EUR.As long price is contained below 1.1373-1.1366 this pair is likely to decline towards the supportive level 1.1216.

Trade recommendation

Remain flat temporarily.

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We're flat temporarily

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Imelda Maseno
Analyst of «FreshForex» company
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