We're flat | 23 March 2020

Technical observation

Last week this pair declined and closed just above the supportive zone 1.0557-1.0331. This week a possible clear breakout below the zone can be anticipated followed by a retracement to it. However, In case there’s no breach below 1.0557-1.0331, a correction to the zone 1.1506-1.1457 can be expected. My advice, remain flat and wait for either a clear breakout below the supportive zone 1.0557-1.0331 followed by a correction to it to sell EUR, or, a correction to the resistance zone 1.1506-1.1457 followed by a bounce within it to pick short positions with your take profit at 1.0557 and stop loss at 1.1760.

Trade recommendation

Remain flat.