Remain flat | 27 Juli 2020

27 Juli 2020, EUR/USD

Remain flat

Technical observation

Last week, I predicted bearish movements of price form within the resistance zone 1.1513-1.1459 towards the supportive level 1.0803. However, price went contrary to my prediction and penetrated above the resistance zone mentioned above with a big green candle. I expect a retracement to the just broken zone followed by a rejection within it for bullish movements of price towards the resistance line marked at 1.2463. My advice, remain flat and wait for a correction to the zone 1.1513-1.1459 and a rejection within it to buy EUR with your take profit1.2463 and stop loss at 1.1300.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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