Remain flat | 23 Juli 2020

23 Juli 2020, EUR/USD

Remain flat

Technical observation

On the chart above, price broke above a resistance key level 1.1454 with a big green candle then rose up to a key line 1.1603. Price could not penetrate above the line 1.1603 and is currently trading with an increasing bearish momentum below it. I expect this bearish rally to continue to the supportive line 1.1454 followed by a clear bounce at it for possible bullish movements of EUR. My advice, wait for a correction to the key line 1.1454 and rejection at it to buy EUR with your take profit at 1.1603 and stop loss at 1.1381. Right now remaining flat with this pair is ideal than picking any position.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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