07 August 2020, EUR/USD
Technical observation
EUR is still trading with an increasing bullish momentum above a supportive zone 1.1459-1.1513 on the weekly chart above. I expect this week’s candle to close bullish, however, I anticipate bearish momentum next week towards the supportive zone mentioned above followed by a clear bounce within it to pick long positions. My advice, remain flat and wait for a correction to the zone 1.1459-1.1513 and a rejection within it to buy EUR with your take profit at 1.2463 and stop loss at 1.1300. In case of a break above the level 1.2463 with a big green candle, you can expect a surge to the upper side towards 1.3367.
Trade recommendation
Remain flat.
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