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We're flat

We're flat | 25 July 2019

25 July 2019, EUR/USD

We're flat

Technical observation

On the daily chart above price is trading above a supportive level 1.1128. I expect a clear penetration below the line with a big red candle followed by a correction to it for a surge to the lower side towards the key line 1.0818. My advice, wait for a clear breakout below the line 1.1128 and a correction to it to sell EUR with your take profit at 1.0818 and stop loss at 1.1211, in case of a clear breakout below 1.0818, more bearish movements of this pair towards the key level 1.0485 can be expected. As long as price is contained below the resistance zone 1.1425-1.1400 only short positions look ideal and may be advisable.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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