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Remain bullish towards 1.2013

Remain bullish towards 1.2013 | 11 August 2020

11 August 2020, EUR/USD

Technical observation

Yesterday EUR corrected to the supportive zone 1.1751-1.1729 with a big red candle and bounced within it. Today I expect bullish movements of this pair towards the resistance line 1.2013 followed by a clear break above it for further upwards movements of price. My advice, if you bought EUR within the zone mentioned above after a bounce, remain long with your take profit at 1.2013 and stop loss at 1.1643. In case of a clear breakout below the zone 1.1751-1.1729 with a big red candle, wait for a pullback to the just broken zone and a bounce within it to confirm possible bearish movements before you sell EUR.

Trade recommendation

Remain long with your take profit at 1.2013.

Imelda Maseno
Analyst of «FreshForex» company
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