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Wait | 16 September 2020

16 September 2020, EUR/USD

Technical observation

EUR bounced at a resistance 1.1888 before rallying downwards. Right now price is trading with an increasing bullish bias below the same line and I expect this upwards movement to continue to the line followed by a rejection at it to sell EUR. My advice, wait for a correction to the line 1.1888 and a rejection at it to sell EUR with your take profit at 1.1725 and stop loss at 1.1970. In case there is a clear breakout below the supportive zone 1.1725-1.1708 with a big red candle, wait for a correction to it and a bounce to confirm further bearish movements of EUR before you continue short with this pair towards 1.1517.

Trade recommendation

Wait for a correction to the line 1.1888 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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