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We're flat

We're flat | 14 October 2020

14 October 2020, EUR/USD

Technical observation

On the daily chart above, price is trading with an increasing bearish momentum within supportive zone 1.1744-1.1715. This bearish movement is a correction to the above-mentioned zone and I expect either a bounce within to pick long positions or a clear breakout below the same zone with a big red candle followed by a correction to it for a surge to the lower side. My advice, in case of a loss of the bearish momentum within the zone 1.1744-1.1715, buy EUR within it with your take profit at 1.2009, however, should there be a clear break below the same zone wait for a retracement to it and a bounce before you sell this pair.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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