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Buy a bounce from the supportive trendline.

Buy a bounce from the supportive trendline. | 08 August 2019

08 August 2019, EUR/USD

Technical Observation

EURUSD is currently trading within a contracting wedge formation. As long as the price remains within this wedge formation, I only recommend trading revsersals, conservative traders should wait and sell a bounce from the upper trendline and buy a bounce from the supportive trendline towards the upper trendline. In case of a breakout above the upper trendline, then we'll look for further buy positions with an ultimate target at 1.12620. And in case price breaks below the supportive trendline.

Trade Recommendations:

Buy a bounce from the supportive trendline.

Imelda Maseno
Analyst of «FreshForex» company
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