Wait | 03 September 2020

Technical observation

EUR is still retracing to the supportive zone it established at 1.1712-1.1693 with an increasing bearish momentum. I expect a loss of this downwards movement within the zone for possible rally to the upper side to the resistance line 1.1932 followed by either a rejection at it for another retracement to 1.1712-1.1693, or a clear breakout above the zone with a big green candle for further bullish movement of price . My advice, wait for a correction to 1.1712-1.1693 and a rejection within it to buy EUR with your take profit at 1.1932 and stop loss at 1.1591. Short positions can only be advisable below 1.1712-1.1693.

Trade recommendation

Wait for a retracement to 1.1712-1.1693 to buy EUR.