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Remain flat

Remain flat | 31 May 2019

31 May 2019, EUR/USD

Remain flat

Technical observation

On The 4 hour chart above, price retraced to a resistance zone 1.1220-1.1214 but could not break above it and was rejected, it then decline d steadily towards a key level 1.1152 and is currently trading above it on an increasing bearish momentum. My expectation is a clear breach below the lien 1.1152 with a big red candle followed by a correction to it and a rejection for downwards movement of price. Remain flat and wait for the breakout below 1.1152 and a correction to the just broken line to sell EUR with your take profit at 1.1106 and stop loss at 1.1171. Only short positions can be recommended on the chart above.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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