We're flat | 04 August 2020
04 August 2020, EUR/USD
Technical observation
On the daily chart above, price did correct to the supportive level 1.1454 as I has anticipated, instead it penetrated above a resistance line 1.1751 with a big green candle and is currently pulling back to the just broken line. I expect bearish movements towards the supportive line followed by a clear bounce at it for possible bullish movements of price towards 1.2013. My advice, remain flat and wait for a correction to the line 1.1754 and a rejection at it to buy EUR with your take profit at 1.2013 and stop loss at 1.1636. For the pair on the daily chart above only long positions look ideal and can be advisable.
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.
