Wait for a correction to re-buy EUR | 02 September 2020

02 September 2020, EUR/USD

Wait for a correction to re-buy EUR

Technical observation

On the daily chart above, EUR did not break above the line 1.1989; price bounced at it and is currently trading with an increasing bearish momentum. This bearish rally is a correction to the supportive zone indicated on the chart above at 1.1716-1.1689 and I expect a rejection of it within the zone for bullish movements of price towards the key lien 1.1989. My advice, wait for a correction to the zone, 1.1716-1.1689 and a rejection at it to re-buy EUR with your take profit at 1.1989 and stop loss at 1.1588. Short positions can only be recommended below1.1716-1.1689 towards 1.1424.

Trade recommendation

Wait for a correction to 1.1716-1.1689 to re-buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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