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Buy within 1.1744-1.1715

Buy within 1.1744-1.1715 | 29 October 2020

29 October 2020, EUR/USD

Buy within 1.1744-1.1715

Technical observation

EUR rallied downwards for several days now and is currently trading within a supportive zone 1.1744-1.1715. My expectation is a rejection of price within the zone for bullish momentum towards the resistance line 1.2009. However, price could still penetrate below the above-mentioned zone. My advice, buy a bounce within 1.1744-1.1715 with your take profit at 1.2009 and stop loss at 1.1625. In case price does not bounce within the zone mentioned above but clearly breaks below it with a big red candle, wait for a pullback to it confirming bearish rally before you sell EUR with your take profit at 1.1453.

Trade recommendation

Buy EUR within 1.1744-1.1715 with your take profit at 1.2009.

Imelda Maseno
Analyst of «FreshForex» company
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