Wait for a correction to sell. | 27 January 2020

Technical observation

On the daily chart above, EUR rallied downwards below a trend line it established as indicated on the daily chart above. Currently, it is showing signs of retracing to the line and I expect a possible bounce at it for bearish price rally towards the supportive level 1.0992. My advice, wait for a correction to the trend line on the chart above and a bounce at it to sell EUR with your take profit at 1.0992 and stop loss at 1.1151. Should price breach below the level 1.0992 with a big red candle, a possible surge to the lower side may be expected. Long positions may only be recommended above the zone 1.1187-1.1175.

Trade recommendation

Wait for a correction to sell EUR.