We're neutral | 08 May 2019

Technical observation

Yesterday EUR only rose for a few hours before declining g to the support level 1.1159 but could not penetrate below it and was rejected. Currently price is rallying on an increasing bullish bias and I expect a loss of this movement at the resistance zone 1.1258-1.1252 for possible bearish momentum of this pair. Remain neutral and wait for the pullback to the above mentioned zone and a rejection within it to sell EUR with your take profit at 1.1159 and stop loss at 1.1283, should there be a clear breach above the zone 1.1258-1.1252, upward movements of this commodity towards the line 1.1326 can be expected.

Trade recommendation

Remain neutral.