We're flat | 28 October 2020

28 October 2020, EUR/USD

We're flat

Technical observation

On the weekly chart above, price is trading with an increasing bearish bias below a resistance line 1.2013. I expect this bearish movement to continue to the supportive zone 1.1496-1.1442 followed by a bounce within it to buy EUR. In case there is no correction to the zone mentioned above but a clear break above the line 1.2013 with a big green candle, wait for a correction to the just broken lien and a bounce at it to confirm a further rise in price before you buy EUR. Right now, I would advise you remain flat and wait for a correction to 1.1496-1.1442 to buy EUR with your take profit at 1.2013 and stop loss at 1.1240.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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