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We're long towards 1.1877

We're long towards 1.1877 | 30 August 2021

30 August 2021, EUR/USD

We're long towards 1.1877

Technical observation

EUR retraced to the supportive zone 1.1758-1.1752 but could not break below it; price was contained above the zone and is currently trading with an increasing bullish bias. My expectation is a steady rise to the resistance level 1.1877 followed by either a clear breakout above it with a big green candle, or a rejection at it followed by a retracement to the supportive zone I have mentioned above. If you are currently bullish with this pair, remain so with your take profit at 1.1877 and stop loss at 1.1731. In case of a clear breakout below the zone 1.1758-1.1752 with a big red candle, I expect price to plummet to the supportive level 1.1668.

Trade recommendation

Remain long with your take profit at 1.1877.

Imelda Maseno
Analyst of «FreshForex» company
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