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27 March 2020, EUR/USD

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Technical observation

Yesterday EUR penetrated above a resistance level 1.0897 with a big green candle and it could rise even further, now, a retracement to the just broken line followed by a bounce at it can be expect. In case of a correction to the line 1.0897 with a bounce at it, bullish movements of price can be expected towards the resistance zone 1.1111-1.1096 followed by a clear breakout above it. Wait for a correction to the line 1.0897 and a rejection at it to buy EUR with your take profit at 1.1096 and stop loss at 1.0783. As long as EUR is contained above the line 1.0897, bullish movements can be expected.

Trade recommendation

Wait for a correction to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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