Wait for a breakout | 28 May 2019

Technical observation

On the hourly chart above price is trading above a supportive level 1.1177 on an increasing bearish momentum and I still expect more of this bearish rally and a possible breach below the line followed by a retracement to it for a surge to the lower side. Wait for a break below the line 1.1177 and a correction and a bounce at it to sell EUR with your take profit at 1.2232 and stop loss at 1.1193, if this take profit is hit and there’s a penetration below it then more bearish price rally can be anticipated. However, should there be no break below 1.1177 but a rejection at it, wait for another correction to the zone 1.1217-1.1213 to sell EUR.

Trade recommendation

Wait for a breakout below 1.1177 to sell EUR.