We're flat | 23 January 2019
23 January 2019, EUR/USD
Technical observation
On the weekly chart above price is rallying below a resistance zone 1.1552-1.1499, my expectation is a rejection of it within the above mentioned zone followed by a bearish price rally towards the support 1.0486.Remain flat and wait for the pullback to 1.1552-1.1499 and a rejection within it to sell this pair with your take profit at 1.0486 and stop loss at 1.1992. If this take profit is hit and there’s a clear breach below it the more bearish price rally can be expected, but should there be a clear breach above 1.1552-1.1499 with a big green candle then bullish momentum of EUR may be anticipated towards the key resistance level marked at 1.2470.
Trade recommendation
Remain flat.
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.
