Wait for a breakout | 30 Juli 2019

30 Juli 2019, EUR/USD

Wait for a breakout

Technical observation

On the daily chart above price is trading above a supportive level 1.1128 on an increasing bearish momentum, my expectation is a clear breakout below the line with a big red candle followed by a correction and a rejection at it for a surge to the lower side towards the key line 1.0818, if this line is broken too then further bearish movements towards the lower supportive level 1.0485 can be anticipated. My advice, wait for a penetration below 1.1128 and a correction to it to sell EUR with your first take profit at 1.0818 the next at 1.0485 and stop loss at 1.1211. Only short positions can be recommended for EUR.

Trade recommendation

Wait for a breakout to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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