Expecting a rally to 1.2020 | 26 April 2022

Technical observation

Last week the value of the pair above declined with a big red candle and this week I expect a continuation of this downward movement. If you picked short positions within the resistance zone 1.3418-1.3355, remain in the trade with your take profit at 1.2020 and stop-loss at 1.3743. In case of a clear break below the line 1.2020, I expect the value of this pair to plummet towards the lower supportive level 1.1404 or even further, however, if price breaks above the zone 1.3418-1.3355 with a big green candle, you can expect a surge to the resistance level 1.4636 after a pullback to the broken zone.

Trade recommendation

Remain short with your take profit at 1.2020.