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Remain short

Remain short | 31 March 2020

31 March 2020, EUR/USD

Remain short

Technical observation

On the daily chart above, EUR rose up to a resistance zone 1.1150-1.1131 but could not penetrate above I and price was contained below it before trading on an increasing bearish momentum. Within the above-mentioned zone is the ideal place to sell this pair after a rejection with your take profit at 1.0897 and stop loss at 1.1221. If you sold this pair within the zone 1.1150-1.1131, remain short and pick your profits at the key level 1.0897. Should there be a clear penetration above the zone 1.1150-1.1131 with a big green candle, wait for a correction to the just broken zone and a bounce within it to buy EUR.

Trade recommendation

Remain short with your take profit at 1.0897.

Imelda Maseno
Analyst of «FreshForex» company
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