We're flat | 03 May 2019

03 May 2019, EUR/USD

We're flat

Technical observation

On the weekly chart above, price is still trading below a resistance zone 1.1528-1.1457 and I expect this weeks’ candle to close bullish and possible upwards price rally towards the above mentioned zone next week. It is ideal to remain flat and wait for a correction to 1.1528-1.1457 and a rejection within it to pick short position with your take profit at 1.0444 and stop loss at 1.1854, should there be no rejection within 1.1528-1.1457 but a clear penetration above it with a big green candle, bullish momentum of price towards the key level 1.2456 can be anticipated after a correction to the just broken zone and a rejection within it.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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