Remain flat | 19 March 2020

Technical observation

EUR has been declining steadily towards the key level 1.0784. Yesterday price declined to the line but did not break below it. Today, my expectation is either a drop to the support level mentioned above or a retracement to the resistance zone 1.1111-1.1096 followed by a rejection within it. In case of a correction to the zone 1.1111-1.1096, sell EUR within it after a bounce with your take profit at 1.0897 and stop loss at 1.1176 and should there be a no retracement to 1.1111-1.1096 but a clear penetration below 1.0784 with a big red candle, you can pick short positions after a pullback to the broken level.

Trade recommendation

Remain flat.