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Wait for a bounce from around 1.10330 to pick a buy.

Wait for a bounce from around 1.10330 to pick a buy. | 29 August 2019

29 August 2019, EUR/USD

Wait for a bounce from around 1.10330 to pick a buy.

Technical Observation

EURUSD is consolidating in between a declining, contracting wedge formation. As it is on the daily chart, we expecting a possible momentum towards the supportive trendline. If the price fails to break below this trendline, we expect a steep decline towards this trendline to look for buy orders. A breakout below this supportive trendline may push the price massively to the lowerside with the next ideal take profit being 1.09930. A break below this target will push the price lower towards 1.050.

Trade Recommendations:

Wait for a bounce from around 1.10330 to pick a buy.

Imelda Maseno
Analyst of «FreshForex» company
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