Remain flat temporarily. | 04 Februari 2019

04 Februari 2019, EUR/USD

Remain flat temporarily.

Technical observation

On the daily chart above, price has been rising steadily towards a resistance zone 1.1506-1.1473 and is currently trading within it, I expect either a breakout above the zone or a bounce within it.In case of a clear penetration above 1.1506-1.1473 with a big green candle, wait for a correction to the just broken zone and a rejection within it confirming possible bullish price rally before you buy EUR with your take profit at 1.1859 and stop loss at 1.1360, but if EUR is rejected within the zone then bearish momentum can be expected. Right now you can remain flat temporarily and wait for a close within or above 1.1506-1.1473 to trade this pair.

Trade recommendation

Remain flat temporarily.

Do you know against which currencies EUR is the most profitable?

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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