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Remain flat temporarily.

Remain flat temporarily. | 11 March 2019

11 March 2019, EUR/USD

Technical observation

On the hourly chart above, price declined steadily towards a support 1.1215 after a bounce within a resistance zone 1.1327-1.1321, it then penetrated below the line 1.1215 before retracing to it.Right now EUR is rallying below a key resistance level 1.1215 and my expectation is a correction to it followed by a bounce at it for possible bearish price rally towards 1.1178.Remain flat temporarily and wait for the correction to 1.1215 to sell EUR with take profit at 1.1178 and stop loss at 1.1274.In case of a clear breakout below 1.1178, wait for a pullback to it to confirm further bearish price movements before you continue short with this pair.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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