08 April 2020, EUR/USD
Technical observation
Yesterday, price rose up to the resistance level 1.0897 but could not penetrate above it and it was rejected. Today I expect bearish price rally form the level towards the supportive line marked at 1.0660 followed by clear breakout below it. You can short EUR now at the line 1.0897 with your take profit at 1.0660 and stop loss at 1.0970. In case there’s no bearish rally towards the level 1.0660 but a clear penetration above 1.0897 with a big green candle, wait for a retracement to the just broken line and a rejection at it to confirm possible bullish movements of price before you pick long positions.
Trade recommendation
Sell EUR at 1.0897 with your take profit at 1.0660.