20 August 2020, EUR/USD
Technical Observation
EURUSD is currently rallying around 1.18442. On the 1 Hour Chart , the price is bouncing off of the 50.0% fib level. So while the 52 SMA is giving as a sell signal, we may likely see a surge towards 1.19645 and could breakout even lower. On this chart, we are expecting a possible momentum after a break below 50.0 to the lower side towards 1.17180. At this point, Sell Positions looks ideal but only if the price breaks below the 50.0% fib level, this may push price much lower towards 1.17180.
Trade Recommendations:
Sell a break below 1.18350.