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We're flat

We're flat | 07 December 2020

07 December 2020, EUR/USD

We're flat

Technical observation

On the daily chart above, price is trading with an increasing bullish momentum above a supportive line 1.2009. I expect a correction to the same line followed by a bounce at it for a momentum to the upper side. My advice, remain flat and wait for a correction to the line 1,2009 and a bounce at it to buy EUR with your take profit at 1.2252 and stop loss at . IN case there is a clear breakout above the line 1.2252 with a big green candle, wait for a retracement to it and a bounce confirming a further surge to the upper side before you continue long with this pair towards the upper resistance level 1.2525.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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