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Remain flat

Remain flat | 12 December 2018

12 December 2018, EUR/USD

Remain flat

Technical observation

On the daily chart above, EUR/USD is rallying on a downward trend. Currently price is rallying between a support 1.1214 and a resistance 1.1515.My expectation is a either a correction to the line 1.1515 or a decline to 1.1214 followed by a breakout below it.In case of a correction to the key resistance line 1.15151, wait for a bounce at it before you re-sell this pair with your take profit at 1.1214, and should there be a decline to 1.1214 followed by a breakout below it, wait for a correction to it confirming possible bearish price rally before you pick short positions. Right now I would advise you remain flat and wait to sell EUR.

Trade recommendation

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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