remain flat | 08 May 2020

Technical observation

Yesterday, EUR rose with a big green candle and is still showing signs of rising even further. However, I expect a loss of this upwards movement within the resistance line 1.0985 for possible bearish price movements. My advice, remain neutral and wait for a retracement to the line 1.0985 and a bounce at it to sell EUR with your take profit at 1.0776 and stop loss at 1.1060. Should there be a clear penetration above the line 1.0985, I expect a correction and a rejection at it for possible bullish price rally towards the resistance zone 1.1205-1.1191. As long as EUR is below 1.0985, I can only recommend short positions.

Trade recommendation

Remain neutral.