Remain short | 16 April 2020

16 April 2020, EUR/USD

Remain short

Technical observation

Since its rejection within the zone 1.0985-1.0970, EUR has been declining steadily towards a supportive level 1.0753, and as long as price is contained below the zone, only bearish movements of this pair can be expected. If you sold this pair within the above- mentioned zone, remain short with your take profit at 1.0753. Should there be a clear penetration above 1.0985-1.0970 with a big green candle, we can expect a correction to the just broken zone and retracement t it to confirm possible bullish price movements towards the key level 1.1203 or even higher to the upper resistance level 1.1464,

Trade recommendation

Remain short with your take profit at 1.0753.

Imelda Maseno
Analyst of «FreshForex» company
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