We're flat temporarily

07 December 2018, EUR/USD

We're flat temporarily

Technical observation

Yesterday EUR did not break below the supportive level 1.1277 instead it was rejected around it and is currently rising towards the key resistance zone 1.1477-1.1432 and my expectation is a bounce within it to re-sell this pair with my take profit still at 1.1277 and stop loss at 1.1516. In case this take profit is hit and there’s a clear penetration below it, wait for a pull back to it confirming further bearish momentum of EUR before you continue short. Right now remain flat temporarily and wait for a correction to 1.14771-1.1432 to sell EUR. Long positions may only be recommended in case of a break above 1.1477-1.1432 towards 1.1611.

Trade recommendation

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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