Last March 16th we were analyzing the EUR/USD pair. We concluded that it needed to break above the strong resistance 1.20 in order to recover.

However, it is still unable to overcome this resistance, forming a double top at the 1.1990 level (red horizontal line). The bearish pressure grows with each failed breakout attempt.

If it fails to break this resistance, the pair could be affected and fall below the uptrend line (purple line), and could quickly reach the level of 1.1840.

In my personal opinion we should remain bullish with take profit at 1.1990 and stop loss below the ascending line (purple line). In case of a downward breakout, sell with take profit at 1.1840.

The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.