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still short towards 1.0783.

still short towards 1.0783. | 22 April 2020

22 April 2020, EUR/USD

Technical observation

On the chart above, price is fast approaching the supportive level 1.0783 with an increasing bearish momentum. I expect either a clear penetration below the line with a big red candle, or, a rejection of price at it followed by another pullback to the line 1.0985. If you sold EUR at the resistance line 1.0985 after a bounce, you can pick your profits at the support 1.0783. However, if you are currently neutral with this pair, remain so and wait for either a retracement to 1.0985 or a penetration below 1.0783 to trade Euro. As it is on the daily chart above, only short positions look ideal and can be recommended.

Trade recommendation

Remain short with your take profit at 1.0783.

Imelda Maseno
Analyst of «FreshForex» company
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