Remain short towards 1.0754 | 27 May 2020

Technical observation

Yesterday EUR went up with a big green candle but bounced at the resistance zone 1.0987-1.0974 and is currently trading with an increasing bearish momentum. I expect this bearish rally to continue to the supportive level 1.0754 followed by a clear penetration below it for further downwards movements. If you sold EUR within the above-mentioned zone after a rejection, remain short with your take profit at 1.0785 and stop loss at 1.1058. As long as price is contained below the zone 1.0985-1.0974, we can only anticipate bearish movements of price. Long positions can only be recommended above 1.0985-1.0974.

Trade recommendation

We are short with take profit at 1.0754.