Remain flat | 05 July 2019

Technical observation

On the chart above, price is trading on an increasing bearish momentum above a supportive level 1.1266, previously, EUR penetrated below the line but could not be contained and broke above it again, I expect either a clear penetration below the support with a big red candle followed by a correction and a rejection at it for possible bearish price rally towards the line 1.1106, or a bounce at it followed by a rise to 1.1472-1.1454. If you sold EUR within 1.1472-1.1454 after a rejection, you can pick your profits now at 1.1266 but if you were not in a trade yet, remain flat and wait for either a breakout or a correction to trade this pair.

Trade recommendation

Remain flat.