Buy a bounce within 1.1734-1.1712 | 12 August 2020

Technical observation

EUR is trading above a supportive zone 1.1734-1.1712 with an increasing bearish momentum; my expectation is a bounce within the zone mentioned above for possible bullish movements of price. My advice, buy a bounce within the zone 1.1734-1.1712 with your take profit at 1.1791 and stop loss at 1.1593. In case there is no rejection within 1.1734-1.1712 but a clear breakout below it with a big red candle, wait for a correction to the just broken zone and rejection within before you sell EUR. However, as long a price is contained above the zone 1.1734-1.1712, only bullish movements can be anticipated.

Trade recommendation

Buy a bounce within 1.1734-1.1712 with your take profit at 1.1719.