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Remain flat

Remain flat | 29 April 2020

29 April 2020, EUR/USD

Remain flat

Technical observation

On the chart above price is trading above a supportive level 1.0783 with an increasing bullish momentum. I expect a rise to the resistance line 1.0985 followed by a bounce at it for possible bearish price movements. If you are currently flat, remain so and wait for a correction to the resistance line mentioned above and a rejection at it to sell EUR with your take profit at 1.0783 and stop loss at 1.1055. Should there be a clear breach below the level 1.0783, with a big red candle, further bearish price movements can be anticipated. As it so on the daily chart above, only short positions can be recommended

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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