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We're flat

We're flat | 24 September 2020

24 September 2020, EUR/USD

Technical observation

Yesterday price continued to decline instead of rising towards the resistance zone 1.1774-1.1750 as expected. The anticipated bullish movement is a correction to the zone mentioned above followed by a rejection within it for bearish rally toward the supportive line 1.1453. My advice, remain neutral and wait for a correction to the zone 1.1774-1.1750 and a rejection within it to buy EUR with your take profit at 1.1453 and stop loss at 1.1845. Should there be a break below the line 1.1453 with a big red candle, wait for a retracement to it and a bounce confirming bearish momentum of EUR before you continue short towards 1.1150.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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