We are flat | 05 April 2022

05 April 2022, EUR/USD

We are flat

Technical observation

EUR rose above the zone 1.1128-1.1114 but it was not sustained above it for long instead, it declined below the same zone and since then it has been trading with an increasing bearish bias and right now price is slightly above the supportive level 1.0942. In case of a decline to the level 1.0942, I expect a rejection of price at it followed by a correction to the zone 1.1128-1.1114. My advice, remain flat and wait for a correction to the zone mentioned above then pick short positions within it with your take profit at 1.0942 and stop-loss at 1.1198. Further bearish movements can be anticipated in case of a break below the level 1.0942.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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