Remain flat | 18 Desember 2018

18 Desember 2018, EUR/USD

Technical observation

On the daily chart above, price is retracing to a key resistance level 1.1454, my expectation is either a rejection at it followed by bearish price rally towards the support 1.1214, or a clear penetration above it followed by a correction for possible bullish momentum towards the resistance zone 1.1851-1.1814.Right now you can remain neutral temporarily and wait for the correction to 1.1454 to trade EUR. In case of a bounce at the line 1.1454, re-sell this pair at it with your take profit at 1.1214 and stop loss at 1.1574, but should there be a clear breakout above it, wait for a confirmation of bullish price rally before you pick long position.

Trade recommendation

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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