Remain flat | 26 February 2020

Technical observation

Last week EUR rose towards a key resistance zone 1.1181-1.1151 and this week I still expect more of this upward rally followed by a rejection within the zone 1.1181-1.1151. Remain flat with this pair and wait for a correction to the zone 1.1181-1.1151, followed by a rejection within to sell EUR with your take profit at 1.0788 and stop loss at 1.1330. If this take profit is hit and there’s a clear break below it with a big red candle, further bearish movements towards the key level 1.0335 can be anticipated. On the weekly chart above, as long as price is contained below the zone 1.1181-1.1151 only short positions can be recommended.

Trade recommendation

Remain flat.