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Wait | 25 August 2020

25 August 2020, EUR/USD

Technical observation

EUR broke above a resistance zone 1.1506-1.1443 with a big green candle and is still trading above it. I expect a correction to the just broken zone followed by a bounce within it for bullish movements of price. My advice, wait for a correction to the zone mentioned above followed by a bounce within it to buy EUR with your take profit at 1.2475 and stop loss at 1.1172. In case of a clear break above 1.2475 with a big green candle, I expect price to surge further to the upper side towards the resistance line 1.3464. As long as EUR is contained above 1.1506-1.1443, only bullish positions are ideal for the pair above.

Trade recommendation

Wait for a correction to 1.1506-1.1443 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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