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Wait | 30 January 2020

30 January 2020, EUR/USD

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Technical observation

EUR is still trading above the supportive level 1.0992. Yesterday I expected price to penetrate below the line with a big red candle but it did not, currently, it is trading above the support on an increasing bullish bias but I still expect a breakout below the line. My advice, wait for a clear break below 1.0992 followed by a correction to it to sell EUR with your take profit at 1.0858 and stop loss at 1.1053. Should price fail to breach below the line 1.0992 then a possible rise towards the resistance zone 1.1197-1.1175 can be expected. As long as price is contained below 1.1197-1.1175 only short positions can be recommended.

Trade recommendation

Wait for break below 1.0992 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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