Still short towards 1.0788 | 17 February 2020

Technical observation

After a bounce within a resistance zone 1.1181-1.1152, EUR has been declining steadily and is currently above the supportive level 1.0788. I expect a clear penetration below the line with a big red candle followed by a correction to it to continue short towards the key line 1.0335. On the weekly chart above, as long as price is contained below the zone 1.1181-1.1152, only short positions look ideal and may be advisable. Long positions can only be recommended should there be a clear breakout above the zone 1.1181-1.1152 with a big green candle followed by a retracement to it and a rejection within it.

Trade recommendation

Remain short with your take profit at 1.0788.