Remain neutral | 05 June 2019

Technical observation

On the weekly chart above, price is retracing to a resistance zone 1.1517-1.1452, I expect a bounce within the above mentioned zone for a surge to the lower side to 1.0799, remain flat and wait for the correction to 1.1517-1.1452 and a rejection within it to sell EUR with your take profit at 1.0799 and stop loss at 1.1760, in case there’s a clear break below 1.0799 then more bearish movements of this pair can be anticipated. As it is on the weekly chart above, long positions may only be recommended should there be a clear penetration above the zone 1.1517-1.1452 followed by a correction and a rejection within it.

Trade recommendation

Remain flat.