Remain flat temporarily. | 19 May 2020

Technical observation

EUR went up with a big green candle yesterday but did not reach the resistance line 1.0985. Currently price is trading below the line and I expect a rise to it followed by a rejection for possible bearish price rally towards the supportive level 1.0776. Remain flat temporarily and wait for a correction to the line 1.0985 and a rejection at it to sell EUR with your take profit at 1.0776 and stop loss at 1.1058. If price hits this take profit and penetrate below it with a big red candle, wait for a retracement to the just broken line and a rejection to confirm further bearish movements before you continue short with Euro.

Trade recommendation

Remain neutral temporarily.