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still bullish towards 1.2009.

still bullish towards 1.2009. | 12 October 2020

12 October 2020, EUR/USD

still bullish towards 1.2009.

Technical observation

EUR is still trading with an increasing bullish momentum above the zone 1.1744-1.1715. I expect this upwards movement to either continue to the resistance line 1.2009 followed by a clear breakout above it with a big green candle, or a rejection at 1.2009 followed by a retracement to the supportive zone mentioned above. My advice, if you bought EUR within 1.1744-1.1715 after a rejection, remain in the trade with your take profit at 1.2009 and stop loss at 1.1610. On the daily chart above, as long as price is contained above the zone 1.1744-1.1715, only bullish movements can be recommended.

Trade recommendation

Remain long with your take profit at 1.2009.

Imelda Maseno
Analyst of «FreshForex» company
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