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We're neutral

We're neutral | 23 April 2020

23 April 2020, EUR/USD

We're neutral

Technical observation

Yesterday price declined to the supportive level marked around 1.0783 as I had predicted but did not penetrated below it. However, it was rejected at the line and is currently rallying with an increasing bullish momentum. This upwards movement is a correction to the resistance key line that this pair established around 1.0985 and a rejection of this upwards rally is expected at it. If you were previously short with EUR at the line 1.0783 was the ideal place to pick your profits. In case of a break below the line 1.0783, a possible surge towards the key level 1.0637 can be anticipated after a pullback to the broken line.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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