08 Juli 2020, EUR/USD
Technical observation
EUR did not penetrate above the resistance line it established around 1.1349 as I had anticipated. Price bounced at the line and is currently rallying below the level with an increasing bearish momentum. I expect this rally to continue to the supportive zone 1.1205-1.1193 followed by either a clear breakout below it with a big red candle or a bounce within it. In case of a rejection within the zone, pick long positions with your take profit at 1.1349. However, should there be a breach below the zone wait for a correction to the just broken zone before you sell EUR. Right now, remain flat with EUR.
Trade recommendation
Remain neutral.