We're flat | 29 January 2020

Technical observation

Yesterday EUR rallied upwards but did not rise for long. Price is still rallying above the supportive zone 1.0007-1.0992 and my expectation is either a clear penetration below the zone with a big red candle or a rejection within the zone followed by a retracement towards the resistance zone 1.1197-1.1175. In case of a breach below the zone 1.0007-1.0992, wait for a pullback to it and a rejection within it before you sell EUR. Should there be no breakout below 1.1007-1.0992, a possible rise towards the zone 1.1197-1.1175 can be expected. Right now, my advice is you remain flat and wait for before you sell EUR.

Trade recommendation

Remain neutral.