We're flat temporarily | 14 May 2020

Technical observation

Yesterday EUR declined instead if rising as I had predicted. Today, this pair is still showing signs of declining even further but you can still anticipate a possible bounce at the supportive line 1.0776. However, should there be a clear penetration below the line 1.0776 with a big red candle; I expect a correction to it followed by a rejection at it for bearish price movements towards the key line 1.0637. My advice, remain flat temporarily and wait for either a bounce at 1.0776 followed by a correction to 1.0985 to sell EUR, or, a breach below 1.0776 and a retracement to it to sell EUR towards 1.0637.

Trade recommendation

Remain flat temporarily.