We're flat | 04 Agustus 2020

04 Agustus 2020, EUR/USD

We're flat

Technical observation

On the daily chart above, price did correct to the supportive level 1.1454 as I has anticipated, instead it penetrated above a resistance line 1.1751 with a big green candle and is currently pulling back to the just broken line. I expect bearish movements towards the supportive line followed by a clear bounce at it for possible bullish movements of price towards 1.2013. My advice, remain flat and wait for a correction to the line 1.1754 and a rejection at it to buy EUR with your take profit at 1.2013 and stop loss at 1.1636. For the pair on the daily chart above only long positions look ideal and can be advisable.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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