We're flat | 28 February 2020

Technical observation

This week EUR has been correcting itself towards the resistance zone 1.1506-1.1457, I expect this upward momentum to continue to the zone followed by a bounce within it for bearish price rally. My advice, wait for a correction to the above-mentioned zone and a bounce within it to sell EUR with your take profit at 1.0824 and stop loss at 1.1760. On the daily chart however, I expect either a rejection within the resistance zone 1.1000-1.0991 followed by bearish movements towards the supportive level 1.0331, or, a clear breakout above 1.1000-1.0991 with a big green candle for bullish price rally towards 1.2099.

Trade recommendation

Remain flat.