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Remain neutral temporarily

Remain neutral temporarily | 17 July 2020

17 July 2020, EUR/USD

Remain neutral temporarily

Technical observation

On the weekly chart above, price is trading with an increasing bullish momentum below a resistance zone 1.1492-1.1425. My expectation is a rejection of this bullish movement within the above-mentioned zone for possible bearish price movements. My advice, remain flat and wait for a correction to the zone 1.1492-1;1425 and a rejection within it to sell EUR with your take profit a 1.0493 and stop loss at 1.1760. In case there is a clear breakout below the line 1.0493 with a big red candle, wait for a correction to it to confirm further bearish price rally before you continue short with EUR.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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