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Remain short

Remain short | 21 April 2020

21 April 2020, EUR/USD

Remain short

Technical observation

EUR continues to decline towards the key level 1.0783, a rejection of this pair at the level is expected followed by a retracement to the resistance line 1.0985. If you sold this pair at the level 1.0985 at the line 1.0783 is the ideal place to pick your profits. A possible penetration below the line 1.0783 is anticipated followed by a correction and a rejection at it for a further surge to the lower side. However, in case there is a clear breach above the line 1.0985 an increase in the value of Euro towards the resistance zone indicated around 1.1205-1.1191 is expected after a correction to the just broken line.

Trade recommendation

Remain short with your take profit at 1.0783.

Imelda Maseno
Analyst of «FreshForex» company
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