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Wait | 16 October 2020

16 October 2020, EUR/USD

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Technical observation

On the previous review, we anticipated either a correction to the resistance zone 1.1779-1.1775 or a decline to the supportive line 1.1726. This pair did not retrace to the above-mentioned zone but instead declined and broke below the same supportive level then retraced to it and it was contained below then line. As long as EUR is below the level 1.1726, you can expect bearish movements towards the supportive level 1.1682. My advice, wait for a correction to the line 1.1726 and a rejection at it confirming bearish movements of price before you sell this pair with your take profit at 1.1682 and stop loss at 1.1736.

Trade recommendtaion

Wait for a correction to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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