Remain short | 09 April 2020

Technical observation

Yesterday price went down as I had predicted and I still expect more bearish price rally towards the supportive level marked at 1.0660. If you sold this pair at the key level 1.0897 after a bounce, remain short with your take profit at 1.0660 and stop loss at 1.0970. In case this take profit is hit and there’s a clear breakout below it with a big red candle, further bearish price movements of this pair can be expected. On the daily chart above, as long as price is below the key level 1.0897, only short positions can be recommended for the pair EURUSD. Right now, remain short with your take profit at the level 1.0897.

Trade recommendation

Remain short with your take profit at 1.0660.