Remain flat | 29 Juli 2020

29 Juli 2020, EUR/USD

Remain flat

Technical observation

On the weekly chart above, price is still trading with an increasing bullish momentum above a supportive zone 1.1513-1.1459 it recently penetrated above, I expect a correction to the just broken zone followed by a bounce within it for upwards price rally towards the resistance line 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 profit at 1.2463 and stop loss at 1.1245. As long as price is contained above the zone 1.1513-1.1459, we can only anticipate bullish movements of this pair towards the key levels; 1.2463, 1.3446.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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