Wait | 26 October 2020
26 October 2020, EUR/USD
Technical observation
On the daily chart above, price is trading with an increasing bearish momentum between a supportive zone 1.1744-1.1718 and a resistance line 1.2009. I expect this bearish movement to continue to the zone mentioned above followed by a rejection within it to pick long positions with my take profit the key level 1.2009. In case there is no bounce within the zone but a clear break below it with a big red candle, wait for a correction to the just broken zone and a bounce within it confirming a possible surge to the lowers side before you pick short positions towards 1.1453 and stop loss at 1.1824.
Trade recommendation
Wait for a correction to 1.1744-1.1718 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.
