Short towards 1.0992 | 21 January 2020

Technical observation

Yesterday, the pair on the daily chart above rose but could not reach the resistance level it established around 1.1187-1.1175, however despite this upward movement, I still expect this pair to continue with an increasing bearish momentum towards the supportive level marked around 1.0992. If you sold EUR within the zone 1.1187-1.1175 after a rejection, remain short with your take profit at the level 1.0992 and stop loss at 1.1251. Bullish price movements may only be expected in case of a clear penetration above the zone 1.1187-1.1175 with a big green candle followed by a correction to it.

Trade recommendation

Remain short towards 1.0992.