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Wait | 26 October 2020

26 October 2020, EUR/USD

Technical observation

On the daily chart above, price is trading with an increasing bearish momentum between a supportive zone 1.1744-1.1718 and a resistance line 1.2009. I expect this bearish movement to continue to the zone mentioned above followed by a rejection within it to pick long positions with my take profit the key level 1.2009. In case there is no bounce within the zone but a clear break below it with a big red candle, wait for a correction to the just broken zone and a bounce within it confirming a possible surge to the lowers side before you pick short positions towards 1.1453 and stop loss at 1.1824.

Trade recommendation

Wait for a correction to 1.1744-1.1718 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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