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Remain flat

Remain flat | 24 July 2020

24 July 2020, EUR/USD

Technical observation

EUR did not decline as I had anticipated; instead, it rose with a big green candle above the resistance zone 1.1459-1.1513. I expect this week’s candle to close bullish above the resistance zone mentioned above. If this happens, wait for a correction to the just broken zone and a bounce within it to confirm possible bullish movements of price before you buy EUR with your take profit at 1.2463 and stop loss at 1.1176. On your way upwards the key levels to look for include; 1.2463, 1.3446 and 1.1459. On the weekly chart above as long as price is contained above 1.1459-1.1513, we can only expect bullish movements.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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