We're flat | 07 May 2020

07 May 2020, EUR/USD

We're flat

Technical observation

Yesterday EUR declined up to the supportive level 1.0776 as I had predicted earlier and did not break below it. If you sold this pair at the resistance line 1.0985 after a bounce, at the line 1.0776 was the ideal place to pick your profits. If you are currently flat with this pair, remain so and wait for either another correction to the line 1.0985 or a clear breakout below the line 1.0776 followed by a pullback to it to sell EUR. On the daily chart above, only short positions look ideal and I would recommend. We can only anticipate bullish price movements in case of a clear penetration above the line 1.0985.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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