Remain flat | 20 April 2020

Technical observation

On the weekly chart above, EUR is rallying with an increasing bearish momentum towards a supportive level 1.0437 and I expect either a clear penetration of price below the zone with a big red candle or a rejection of it at the line. In case there is a breakout below the line with a big red candle, wait for a correction to it and a bounce confirming bearish price movements to sell this pair. However, in case there’s a rejection of price at the level 1.0437, bullish movements of EUR can be expected. Right now, remain neutral with this pair and wait for either a clear breakout or a bounce t trade it.

Trade recommendation

Remain flat.