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Remain long

Remain long | 08 October 2020

08 October 2020, EUR/USD

Remain long

Technical observation

EUR did not decline as I had previously anticipated; instead, it went upwards and penetrated above a resistance zone 1.1744-1.1715 with a big green candle then pulled back to it. Price was contained above the same zone and is currently trading with an increasing bullish momentum. I expect this upwards movement to continue to the resistance line 1.2009. In case there is a clear breakout below the zone 1.1744-1.1715 with a big red candle, wait for a correction to the just broken zone and bounce within it to confirm bearish rally before you sell this pair. Right now only bullish positions looks ideal.

Trade recommendation

Remain long with your take profit at 1.2009.

Imelda Maseno
Analyst of «FreshForex» company
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