we are flat | 19 May 2020

Technical observation

On the hourly chart above price is trading around the resistance zone it established around 107.44-107.41 and I expect a possible penetration above it with it with a big green candle or a rejection within it. In case of a clear breach above the zone mentioned above with a big green candle, wait for a correction to it and a rejection to confirm possible bullish movements of price before you pick long positions. On your way upwards, the key levels to look for include 108.03 and 108.54. Should there be a rejection of price within the zone 107.44-107.41, I expect possible bearish price movements towards the zone 106.85-106.81.

Trade recommendation

Remain flat.