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Wait | 27 April 2020

27 April 2020, EUR/USD

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Technical observation

EUR penetrated below the key level 1.07585 and is currently trading below it with an increasing bearish momentum. I expect this downwards movement to continue to the level 1.0331 followed by a clear penetration below it. My advice, wait for a correction to the just broken level 1.0785 and a rejection at it to sell this pair with your take profit at 1.0331 and stop loss at 1.0859. If this take profit is hit and there is a clear breakout below it with a big red candle, further bearish price movements of this pair can be expected. Only short positions look ideal and can be recommended on the weekly chart above.

Trade recommendation

Wait for a correction to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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