Remain neutral | 26 August 2020

Technical observation

The general trend for the pair on the 4-hour chart above is upwards. Currently the value of this pair is rallying between a supportive zone 1.1725-1.1712 and a key resistance line 1.1896. My expectation is either a decline to the zone 1.1725-1.1712 followed by a rejection within it or a clear breach below it with a big red candle, or, a rise to the line 1.1896 followed by a clear breakout above it with a big green. If you are currently neutral with this pair, remain so and wait for either a decline to 1.1725-1.1712 and a bounce to buy EUR or a break above 1.1896 to buy EUR. Sell EUR below the zone 1.1725-1.1712.

Trade recommendation

Remain neutral.