Wait for a correction | 05 August 2020

Technical observation

On the weekly chart above, price is has been trading with an increasing bullish momentum since it penetrated above a zone 1.1459-1.1513, I expect a correction to the just broken zone followed by a rejection within it for upwards momentum towards the supportive level 1.2463. My advice, wait for a correction to the above-mentioned zone and a rejection within it to buy EUR with your take profit at 1.2463 and stop loss at 1.1240. In case of clear break above the line 1.2463, I expect a further surge to the upper side towards the higher resistance line 1.3367 after a retracement to the just broken line and bounce at it.

Trade recommendation

Wait for a correction to 1.1459-1.1513 to buy EUR.