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still short towards 1.0796.

still short towards 1.0796. | 15 May 2020

15 May 2020, EUR/USD

still short towards 1.0796.

Technical observation

Following a rejection within the resistance zone 1.1478-1.1415, EUR declined steadily up to the supportive level 1.0796 but was rejected at it before it corrected itself to the above mentioned resistance zone. Price bounced around the same zone before rallying downwards and is currently trading above the support 1.0796 with an increasing bearish momentum. My expectation is either a rejection of this pair at the line 1.0796 or a clear penetration below it with a big red candle. If you are currently short with EUR, remain in the trade and pick your profits at the level 1.0796.I anticipate further bearish rally below 1.0796.

Trade recommendation

Remain short with your take profit at 1.0796.

Imelda Maseno
Analyst of «FreshForex» company
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