We're flat | 23 January 2019

23 January 2019, EUR/USD

We're flat

Technical observation

On the weekly chart above price is rallying below a resistance zone 1.1552-1.1499, my expectation is a rejection of it within the above mentioned zone followed by a bearish price rally towards the support 1.0486.Remain flat and wait for the pullback to 1.1552-1.1499 and a rejection within it to sell this pair with your take profit at 1.0486 and stop loss at 1.1992. If this take profit is hit and there’s a clear breach below it the more bearish price rally can be expected, but should there be a clear breach above 1.1552-1.1499 with a big green candle then bullish momentum of EUR may be anticipated towards the key resistance level marked at 1.2470.

Trade recommendation

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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