We're flat | 08 September 2020

08 September 2020, EUR/USD

We're flat

Technical observation

EUR is still rallying with an increasing bearish momentum above a supportive zone 1.1716-1.1689, I expect a loss of this downwards movement within the above mentioned above for possible upwards rally towards the resistance line 1.1989. My advice, remain flat temporarily and wait for a correction to the zone 1.1716-1.1689 and a rejection within it to buy EUR with your take profit at 1.1989 and stop loss at 1.1591. In case of a break below 1.1716-1.1689, wait for a correction to it and a bounce to confirm possible bearish rally before you sell EUR within the zone with your take profit at 1.1424 and stop loss at 1.1813.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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