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Remain flat

Remain flat | 04 September 2020

04 September 2020, EUR/USD

Technical observation

EUR is trading with an increasing bullish momentum below a resistance line 1.1917. I expect thus upwards movement to continue to the line mentioned above followed by a clear bounce at it for bearish price rally towards the supportive zone 1.1725-1.1712. My advice, remain flat and wait for a correction to the line 1.1917 and a rejection at it to sell EUR with your take profit at 1.1725 and stop loss at 1.1899. In case there is a clear breakout below the zone 1.1725-1.1712 with a big red candle, I expect a surge to the lower side towards 1.1517 after a correction to the just broken zone and a rejection within it.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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