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We're neutral

We're neutral | 07 July 2020

07 July 2020, EUR/USD

We're neutral

Technical observation

On the 4-hour chart above price rose as I had predicted yesterday up to a resistance line 1.1349 but did not break above it and is currently trading with an increasing bearish momentum below the line. I picked long positions with this pair within the zone 1.1205-1.1193 and picked my profits at the line 1.1349. For the pair on the chart above, my expectation is a clear penetration above 1.1349 with a big green candle followed by a pullback to the just broken line and a rejection for bullish price movements towards a key line 1.1477. Right now remaining neutral with this pair is ideal than picking any position.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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