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Remain flat

Remain flat | 29 May 2020

29 May 2020, EUR/USD

Remain flat

Technical observation

EUR is trading above the resistance line 1.0982 it recently penetrated above with an increasing bearish momentum. I expect a loss of this downwards movement at the line for possible bullish price rally. My advice, remain flat and wait for a correction to the line 1.0982 and a rejection at it to buy EUR with your take profit at 1.1131 and stop loss at 1.0914.In case there is a clear breakout above the resistance zone1.1150-1.1131 with a big green candle, you can anticipate further bullish movements towards the resistance level 1.1453. We can only expect bullish movements of price on the daily chart above.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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