Remain short towards 1.1165 | 13 May 2019

Technical observation

EUR retraced to the resistance zone 1.1357-1.1251 and could not penetrate above it, it was rejected within the zone and is currently trading on an increasing bearish momentum towards a key level 1.1165.In case you went short within 1.1357-1.1251 after a bounce, hold on to that position with your take profit at 1.1165 and stop loss at 87.44, but if you are not short yet, wait for either another correction to 1.1357-1.1251 or a clear breakout below 1.1165 followed by a correction to it to sell EUR. On the 4 hour chart above, long positions may only be advisable should there be a break above 1.1357-1.1251 followed by a correction to it.

Trade recommendation

Remain short with your take profit at 1.1165 and stop loss at 87.44.