We're flat temporarily | 30 Juli 2020

30 Juli 2020, EUR/USD

We're flat temporarily

Technical observation

On the chart above, price did not retrace to the supportive level 1.1454 as I had predicted, instead EUR broke above a resistance line 1.1751 with a big green candle and is currently trading above it with an increasing bearish momentum. My expectation is a loss of this downwards movement at the key line 1.1751 for possible upwards movement of price. My advice, remain flat temporarily and wait for a pullback to the line 1.1751 and a bounce at it to buy EUR with your take profit at 1.2013 and stop loss at 1.1641. On the 4-hour chart above, only bullish movements of price look ideal and can be expected.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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