06 февраля 2020, EUR/USD
Technical observation
EUR declined steadily to the supportive level 1.0992 and is currently trading at it. I expect either a clear breakout below the line with a big red candle or a bounce at it followed by a retracement to the resistance line 1.1095. If you sold this pair at the line 1.1095, pick your profits now at 1.0992. However, if you are currently flat, remain so and wait for either a clear penetration below 1.0992 or a correction to the line 1.1095 to pick short positions. On the daily chart above, as long as price is contained below the resistance zone 1.1226-1.1214, only short positions look ideal and can be recommended.
Trade recommendation
Remain flat.
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