Wait | 28 August 2020
28 August 2020, EUR/USD
Technical observation
On the daily chart above, price is trading with an increasing bearish momentum above a supportive zone 1.1731-1.1711. I expect this downwards movement to continue to the above-mentioned zone followed by a rejection within it for bullish price rally. My advice, wait for a correction to the zone 1.1731-1.1711 and a rejection within it to buy EUR with your take profit at 1.1965 and stop loss at 1.1595. In case there is a clear breach below the supportive zone 1.1731-1.1711 with a big red candle, wait for a correction to the just broken zone and a rejection within it before you pick short positions towards 1.1454.
Trade recommendation
Wait for a correction to 1.1731-1.1711 to buy EUR.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
