Remain flat temporarily. | 20 December 2018
20 December 2018, EUR/USD
Technical observation
On the weekly chart above, price is still rallying towards the resistnace zone 1.1542-1.1457, my expectation is a rejection of it within it followed by possible bearish price momentum towards 1.0437.I expect this week’s candle to close within 1.1542-1.1457 for possible bearish momentum next week. You can remain flat temporarily and wait for a close within the above mentioned zone to pick short positions with your take profit at 1.0437 and stop loss at 1.1858.Should there be a clear penetration above 1.1542-1.1457 with a big green candle followed by pullback to it and a bounce, then bullish price rally may be anticipated towards 1.2540.
Trade recommendation
Remain flat temporarily.
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The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
