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Remain flat

Remain flat | 08 July 2020

08 July 2020, EUR/USD

Remain flat

Technical observation

EUR did not penetrate above the resistance line it established around 1.1349 as I had anticipated. Price bounced at the line and is currently rallying below the level with an increasing bearish momentum. I expect this rally to continue to the supportive zone 1.1205-1.1193 followed by either a clear breakout below it with a big red candle or a bounce within it. In case of a rejection within the zone, pick long positions with your take profit at 1.1349. However, should there be a breach below the zone wait for a correction to the just broken zone before you sell EUR. Right now, remain flat with EUR.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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