Remain long | 22 October 2020
22 October 2020, EUR/USD
Technical observation
EUR retraced to a supportive zone 1.1744-1.1715 but could not break below it. Price bounced within the zone and is currently trading with an increasing bullish momentum. I expect this upwards rally to continue to the resistance line 1.2009 followed by a clear breakout above it for a further surge to the upper side. My advice, if you bought EUR within the resistance zone mentioned above after a bounce, remain long with your take profit at 1.2009 and stop loss at 1.1607. Bearish movements of this pair can only be anticipated in case of a break below the zone 1.1744-1.1715 followed by a correction to it.
Trade recommendation
Remain bullish with your take profit at 1.2009.
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.
