Remain flat | 30 April 2020

Technical observation

On the 4-hour chart above, price is rallying below a resistance zone 1.0911-1.0897. I expect a rise to the zone followed by a rejection within it for bearish price movements. Remain neutral temporarily and wait for a pullback to 1.0911-1.0897 and a bounce within it to sell Euro with your take profit at 1.0754 and stop loss at 1.0994. If this take profit is hit and there is a clear penetration below it with a big red candle, I expect further bearish price movements towards the lower supportive level 1.0632. However, in case of a breach above1.0911-1.0897 I expect bullish movements towards the resistance zone 1.1093-1.1078.

Trade recommendation

Remain neutral temporarily.