Wait | 11 May 2020

Technical observation

EUR is rising steadily towards the resistance line it established around 1.0985. My expectation is a rejection of this bullish price movement at the line for bearish movements. Remain flat and wait for a correction to the line 1.0985 and a rejection to sell EUR with your take profit at 1.0776 and stop loss at 1.1058. In case there is a clear breakout below the line 1.0776 with a big red candle, wait for a correction to it to confirm further bearish price rally before you continue short with this pair. If price breaks above the line 1.0985 with a big green candle, you can anticipate bullish momentum towards the zone 1.1205-1.1191.

Trade recommendation

Wait for a correction to 1.0985 to sell EUR.