Remain flat | 29 July 2020
29 July 2020, EUR/USD
Technical observation
On the weekly chart above, price is still trading with an increasing bullish momentum above a supportive zone 1.1513-1.1459 it recently penetrated above, I expect a correction to the just broken zone followed by a bounce within it for upwards price rally towards the resistance line 1.2463. My advice, remain flat and wait for a correction to the zone 1.1513-1.1459 and a rejection within it to buy EUR with your take profit at 1.2463 and stop loss at 1.1245. As long as price is contained above the zone 1.1513-1.1459, we can only anticipate bullish movements of this pair towards the key levels; 1.2463, 1.3446.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
