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Remain long

Remain long | 22 October 2020

22 October 2020, EUR/USD

Technical observation

EUR retraced to a supportive zone 1.1744-1.1715 but could not break below it. Price bounced within the zone and is currently trading with an increasing bullish momentum. I expect this upwards rally to continue to the resistance line 1.2009 followed by a clear breakout above it for a further surge to the upper side. My advice, if you bought EUR within the resistance zone mentioned above after a bounce, remain long with your take profit at 1.2009 and stop loss at 1.1607. Bearish movements of this pair can only be anticipated in case of a break below the zone 1.1744-1.1715 followed by a correction to it.

Trade recommendation

Remain bullish with your take profit at 1.2009.

Imelda Maseno
Analyst of «FreshForex» company
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