Remain flat | 04 March 2019

Technical observation

On the daily chart above, EUR is rallying between a resistance zone 1.1551-1.1520 and a support 1.1216, I expect either a rise to the zone 1.1551-1.1520 followed by a bounce within it for bearish price rally towards 1.1216, or a decline to 1.1216 followed by a breach below it and a correction to it for downwards movements. Remain neutral and wait for either a correction to 1.1551-1.1520 or a penetration below 1.1216 to sell EUR. On the chart above, only short positions look ideal and may be recommended as long as price is contained below the zone 1.1551-1.1520, long positions may only be ideal above 1.1551-1.1520 towards 1.1848.

Trade recommendation

Remain flat.