Wait and buy a breakout above 1.19849 towards 1.20. | 16 April 2021

Technical Observation

Euro is currently below a significant restance zone 1.19849-1.19864. While the price remains below this zone, we are waiting for a rebound from the upper trendline to pick a possible long term sell position towards the lower trendline. And in case the price break above 1.19849, then this will be a good place to consider a possible long term buy position towards 1.2121. A breakout above this level will mean we are continuing much higher with the next ideal target set at 1.22. A rebound from 1.19849 will attract a possible sell towards the lower trendline.

Trade Recommendations:

Wait and buy a breakout above 1.19849 towards 1.20.