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We're flat temporarily

We're flat temporarily | 25 June 2020

25 June 2020, EUR/USD

We're flat temporarily

Technical observation

On the 4-hour chart above, price is pulling back to a supportive zone indicated around 1.1216-1.1204. My expectation is a bounce within the zone for possible bullish price rally towards the resistance line 1.1349. My advice, remain flat and wait for a correction to the zone mentioned above and a rejection within it to pick long positions with your take profit at 1.1349 and stop loss at 1.1138. In case price does not bounce within the zone 1.1216-1.1204 but instead penetrates below it with a big red candle, wait for a pull back to the just broken to confirm possible bearish movements of price before you sell EUR.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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