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Expecting a rally to 1.0982

Expecting a rally to 1.0982 | 01 April 2022

01 April 2022, EUR/USD

Expecting a rally to 1.0982

Technical observation

On the 4 hour chart above price rose from a level 1.0950 at the lower trend line as indicated above up to a resistance level 1.1176, however, this pair did not break above the level 1.1176 but instead bounced at it and for the past five consecutive hours, the value of this pair has been descending steadily. I expect a continuation of this downwards movement up to the supportive trend line as shown above followed by either a clear breakout below it with a big red candle or a bounce at it. If you are currently holding bearish positions with the pair above remain in the trade with your take profit at 1.0982 and stop-loss at 1.1268.

Trade recommendation

Remain short with your take profit at 1.0982.

Imelda Maseno
Analyst of «FreshForex» company
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