Wait | 20 August 2019

Technical observation

Price is rising towards a key level 1.1108 on the daily chart above and I expect a rejection of it at the line for downwards movements towards 1.1025 followed by a clear breakout below it for further bearish rally. Wait for a correction to 1.1108 and a rejection at it to sell EUR with your take profit at 1.1025 and stop loss at 1.1142. Should there be a breach below 1.1025, wait for a retracement and a rejection at it confirming further bearish price rally before you continue short with this pair. However, should price penetrate above 1.1108 with a big green candle then bullish movements towards 1.1227 can be expected.

Trade recommendation

Wait for a correction to 1.1108 to sell EUR.