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We're flat

We're flat | 19 November 2020

19 November 2020, EUR/USD

We're flat

Technical observation

On the daily chart above, price is trading with an increasing bearish momentum above a supportive zone 1.742-1.1715. My expectation is either a clear breakout below the zone with a big red candle, or a bounce within it for upwards movement of price. In case of a clear break below the zone 1.1742-1.1715, wait for a correction to it before you sell EUR within it with your take profit at 1.1453 and stop loss at 1.1832. However, in case of a clear bounce within the same zone, buy EUR within it with your take profit at 1.2009 and stop loss at 1.1599. Right now remaining neutral with this pair is ideal.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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