We're flat | 27 May 2019

Technical observation

On the weekly chart above, EUR is trading between a resistance zone 1.1513-1.1450 and a support 1.0831, I expect either a rise to the above mentioned zone followed by a rejection within it for bearish price rally or a decline to the line 1.0831 followed by a clear penetration below it within a big red candle and correction to it for downwards movement of price. Remain flat and wait for either a correction to 1.1513-1.1450 or a clear breach below 1.0831 to trade this pair. Long positions may only be recommended in case of a clear breakout above 1.1513-1.1450 with a big green candle followed by a correction and a rejection at it.

Trade recommendation

Remain flat.