We're flat | 08 September 2020

Technical observation

EUR is still rallying with an increasing bearish momentum above a supportive zone 1.1716-1.1689, I expect a loss of this downwards movement within the above mentioned above for possible upwards rally towards the resistance line 1.1989. My advice, remain flat temporarily and wait for a correction to the zone 1.1716-1.1689 and a rejection within it to buy EUR with your take profit at 1.1989 and stop loss at 1.1591. In case of a break below 1.1716-1.1689, wait for a correction to it and a bounce to confirm possible bearish rally before you sell EUR within the zone with your take profit at 1.1424 and stop loss at 1.1813.

Trade recommendation

Remain flat.