Remain flat | 21 July 2020

Technical observation

On the hourly chart above, price rose up to a resistance line 1.1459 but could no penetrate above it. Price bounced at the line and is currently trading with an increasing bearish momentum and I expect this rally to continue to the key level 1.14164 followed by a rejection at it for bullish price movements. My advice, remain flat and wait for a correction to the line 1.14164 and a bounce at it to buy EUR with your take profit at 1.1459 and stop loss at 1.14015. In case there is a clear break above the line 1.1459 with a big green candle, wait for a correction to the just broken line and a bounce to continue long with EUR.

Trade recommendation

Remain flat.