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Expecting a rally to 1.0768

Expecting a rally to 1.0768 | 06 April 2022

06 April 2022, EUR/USD

Expecting a rally to 1.0768

Technical observation

EUR has been on a downtrend for the last few days, price retraced to a resistance zone it established at 1.1160-1.1132 but could not break above it, instead it was sustained below the zone and since then the pair above has been trading with an increasing bearish bias. I expect a continuation of this downwards movement to the supportive level 1.0768 followed by either a clear breakout above it with a big green candle or a bounce at it followed by another correction to the zone mentioned above. As it is on the chart I can only recommend bullish positions in case of a clear breakout above the resistance zone 1.1160-1.1132.

Trade recommendation

Remain short with your take profit at 1.0768.

Imelda Maseno
Analyst of «FreshForex» company
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