We're bullish towards 1.1793 | 20 October 2020

20 October 2020, EUR/USD

We're bullish towards 1.1793

Technical observation

Yesterday price rose tremendously penetrating above the supportive zones (1.1724-1.1721) and (1.1765-1.1762) respectively. Price then rose up to the resistance line 1.1793 but was contained below it then pulled back to the zone 1.1765-1.1762 and bounced within it before rallying upwards. EUR is still trading with an increasing bullish momentum and I expect this upwards movement to continue to the resistance line mentioned above followed by a clear breakout above it for a surge to the upper side. If you bought this pair within the above-mentioned zone after a bounce, remain long with your take profit at 1.1793.

Trade recommendation

Remain long with your take profit at 1.1793.

Imelda Maseno
Analyst of «FreshForex» company
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