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Sell EUR at 1.0783

Sell EUR at 1.0783 | 24 April 2020

24 April 2020, EUR/USD

Sell EUR at 1.0783

Technical observation

On the daily chart above, price was not rejected at the supportive level 1.0783, instead it penetrated below it and is still showing signs of bearish movements. I expect a retracement to the just broken line followed by a bounce at it for a surge towards the lower supportive level 1.0637. My advice, wait for a correction to the line 1.0783 and a rejection at it to sell EUR with your take profit at 1.0637 and stop loss at 1.0861. If this take profit is hit and there is a clear breakout below it with a big red candle, further bearish price movements towards the lowest supportive level 1.0340 can be anticipated.

Trade recommendation

Sell EUR at 1.0783 with your take profit at 1.0637.

Imelda Maseno
Analyst of «FreshForex» company
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