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Remain short

Remain short | 01 May 2020

01 May 2020, EUR/USD

Technical observation

On the daily chart above, price retraced to the resistance level it established around 1.0985 and it was rejected it. Currently this pair is trading with an increasing bearish momentum and I expect this movement to continue to the support 1.0776 followed by a clear breakout below it. If you bought Euro at the level 1.0985, remain short with your take profit at 1.0776 and stop loss at 1.1060. If you are currently flat with this pair, you can wat for either another correction to the level 1.0985 and a bounce at it to sell EUR or, a clear penetration below 1.0776 and a correction to it to sell this pair towards 1.0637.

Trade recommendation

Remain short.

Imelda Maseno
Analyst of «FreshForex» company
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