31 Juli 2020, EUR/USD
Technical observation
Since its penetration above a zone 1.1459-1.1513 with a big green candle, EUR has been trading with increasing bullish momentum. Last week this went up with a big green candle and I expect this week’s candle to close bullish too. However, I expect a correction to the above-mentioned zone followed by a clear bounce within it for possible bullish price movements. My advice, wait for a correction to the zone 1.1459-1.1513 and a bounce within it to buy EUR with your take profit at 1.2457 and stop loss at 1.1240. On your way upwards the key levels to look for include; 1.2457, 1.3446 and 1.4159.
Trade recommendation
Wait for a correction to 1.1459-1.1513 to buy EUR.