Remain flat | 03 Juli 2020

03 Juli 2020, EUR/USD

Remain flat

Technical observation

On the 4-hour chart above, price is trading with an increasing bullish momentum above a supportive zone 1.1205-1.1193. My expectation is either a rise to the resistance line 1.349 followed by a clear breakout above it with a big green candle, or a decline to the zone mentioned above followed by a clear breakout below it with a big red candle. In case of a breach above 1.1349, wait for a pullback to it before you pick long positions. Should price breach below the zone 1.1205-1.1193 with a big red candle wait for a correction to it to confirm possible bearish movements of price before you sell EUR towards 1.1041.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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