Remain flat temporarily. | 06 March 2019

Technical observation

Yesterday a clear penetration was seen when price went down a supportive zone 1.1327-1.1321 with a big red candle. It is currently rallying on an increasing bullish bias below the just broken zone and i expect a loss of this movement within 1.1327-1.1321 for possible bearish price rally towards the key line 1.1249 and a possible breakout below it for a further bearish momentum. Remain flat temporarily and wait for the pullback to 1.1327-1.1321 to sell EUR with your take profit at 1.1249 and stop loss at 1.1342.Should there be a breach below 1.1249, wait for a correction and a bounce at it before you continue short with EUR.

Trade recommendation

Remain flat temporarily.