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We're short towards 1.0776

We're short towards 1.0776 | 04 May 2020

04 May 2020, EUR/USD

Technical observation

On the daily chart above, EUR corrected to the resistance level 1.0985, bounced at it, and is currently trading with an increasing bearish momentum. I expect this bearish price movement to continue towards the key level 1.0776 followed by a clear breakout below it with a big red candle. If you sold this pair at the level 1.0985 after a rejection, remain short with your take profit at 1.0776 and stop loss at 1.1060. As it is on the chart above, only short positions look ideal and is advisable. Long positions may only be recommended in case of a clear breach above the level 1.0985 followed by a correction to it.

Trade recommendation

Remain short with your take profit at 1.0776.

Imelda Maseno
Analyst of «FreshForex» company
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