Flat | 08 July 2019

Technical observation

EUR continues to decline towards the supportive level 1.1106 on the daily chart above and I expect a clear breakout below it with a big red candle followed by a correction to it for bearish price rally towards the key line 1.0814. Remain flat and wait for the decline to 1.1106 and a break below it to short EUR with your take profit at 1.0814 and stop loss at 1.1191, if this take profit is hit and there’s a clear penetration below it then more bearish price rally can be anticipated. On the chart above only short positions look ideal and can be recommended, long positions may only be advisable above the resistance zone 1.1472-1.1454.

Trade recommendation

Remain flat.