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Remain short

Remain short | 02 April 2019

02 April 2019, EUR/USD

Technical observation

Following the correction and a rejection at the key resistance line 1.1246, EUR has continued to decline towards a support level 1.1178, my expectation is a clear penetration below the line with a big red candle followed by a correction to it for further bearish momentum of price. If you sold this pair at 1.1246 after a bounce, pick your profits at 1.1178 but if you had not sold it yet, you can wait for a clear breakout below the line 1.1246 and a pullback to it to sell this commodity. The general trend for the pair on the hourly chart above is downwards making only short positions ideal and recommendable.

Trade recommendation

Remain short.

Imelda Maseno
Analyst of «FreshForex» company
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