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Remain flat

Remain flat | 11 June 2020

11 June 2020, EUR/USD

Remain flat

Technical observation

Recently EUR penetrated above a zone it established around 1.1150-1.1131 and is currently trading with an increasing bearish momentum. This bearish momentum is a correction to the just broken zone and I expect a rebound within the zone for bullish price movements. My advice, remain neutral with this pair and wait for a retracement to the above mentioned zone and a rejection within it to buy EUR with your take profit at 1.1453 and stop loss at 1.1053. On the daily chart above as long as price is contained above the zone 1.1150-1.1131, picking short positions looks risky and cannot be recommended.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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