We're flat | 12 Mei 2020

12 Mei 2020, EUR/USD

We're flat

Technical observation

Yesterday, EUR went down instead of rising as I had predicted. Today this pair could either retrace to the resistance line 1.0985 or decline below the supportive level 1.0776 with a big red candle. In case of a pullback to the line 1.0985, sell a bounce at it with your take profit at 1.0776 and stop loss at 1.1060. Should there be a clear breakout below the supportive level with a big red candle, wait for retracement to it and a rejection to sell this pair towards 1.0637. As it is on the daily chart above, as long as price is contained below the resistance line 1.0985, we can only recommend short positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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