Remain flat

16 May 2019, EUR/USD

Remain flat

Technical observation

On the chart above price is rallying between a resistance zone 1.1257-1.1251 and a support 1.1165, my expectation is either another retracement to the above mentioned zone followed by a rejection within it to re-sell EUR or a decline to the line 1.1165 and a clear penetration below it. In case of a correction to the zone 1.1257-1.1251, wait for a rejection within it to re-sell EUR with your take profit at 1.1165 and stop loss at 1.1285, and should there be a penetration below 1.1165, wait for correction to the just broken line and a bounce at it to confirm possible bearish momentum of price before you pick short positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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