06 August 2020, EUR/USD
Technical observation
On the chart above, price broke above a resistance line 1.1715 with a big green candle then pulled back to it and was contained. EUR is currently trading with an increasing bullish momentum above the supportive line 1.1715 and I expect this upwards momentum to continue to the key level 1.2013. If price breaks above the level 1.2013, I expect a further surge to the upper side to the key line 1.2233. My advice, if you bought EUR at 1.1715 after a rejection, remain long with your take profit at 1.2013 and stop loss at 1.1642. As long as price is contained above the key level 1.1715, we can only anticipate bullish price rally.
Trade recommendation
Remain long with your take profit at 1.2013.
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