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Wait | 09 November 2020

09 November 2020, EUR/USD

Technical observation

EUR broke down the zone 1.1744-1.1715 but it was not contained below it, price then broke above the same zone with a big green candle and for several days now, it has been trading with an increasing bullish momentum. I expect a correction to 1.1744-1.1715 followed by a bounce to buy EUR with my take profit at 1.2009 and stop loss at 1.1602. If price breaks above 1.2009 with a big green candle, wait for a correction to it and a bounce confirming further bullish movements before you continue long with this pair. On the daily chart above, you can only expect bearish movements below 1.1744-1.1715.

Trade recommendation

Wait for a pullback to 1.1744-1.1715 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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