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Wait | 16 March 2020

16 March 2020, EUR/USD

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Technical observation

On Friday, EUR continued to decline below zone 1.1186-1.1175 it had broken below. I expect a correction to the just broken zone followed by a bounce within it for possible bearish price rally towards the level 1.0986. Remain flat and wait for a retracement to 1.1186-1.1175 and a bounce within it to sell EUR with your take profit at 1.0986 and stop loss at 1.1259. If 1.0986 is hit and there’s a clear breakout below it with a big red candle, wait for a pullback to it and a rebound within it to continue short with this pair towards the key level 1.0784. Only short positions can be recommended on the chart above.

Trade recommendation

Wait for a retracement to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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