23 Januari 2019, EUR/USD
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.