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Remain flat

Remain flat | 12 November 2020

12 November 2020, EUR/USD

Remain flat

Technical observation

EUR has been trading with an increasing bearish momentum for several days now and it is still showing signs of declining even further today. My expectation is a rally downwards towards the supportive zone 1.1744-1.1715 followed by a clear bounce within it for a momentum to the upper side, or, a clear breakout below the same with a big red candle. In case of a bounce within the zone, pick long positions within it with your take profit at 1.2009 and stop loss at 1.1602. However, in case of a break below the same zone, wait for a correction to it confirming a possible surge to the lower side before you sell EUR.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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