We're long | 16 July 2020

16 July 2020, EUR/USD

We're long

Technical observation

EUR is approaching the key level 1.1477 and I expect a rejection at it for a correction to supportive line 1.1336. If you bought this pair at the line 1.1336 after a rejection, remain in the trade with your take profit at 1.1477 and stop loss at 1.1292. In case there is a clear breakout above the line 1.1477 with a big green candle, wait for a correction to the just broken line and a rejection at it to confirm further bullish movements of price before you continue long with EUR. On the chart above, as long as price is contained above a supportive line 1.1336, we can only anticipate bullish movements of price.

Trade recommendation

Remain long with your take profit at 1.1477.

Imelda Maseno
Analyst of «FreshForex» company
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