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Wait | 11 December 2020

11 December 2020, EUR/USD

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Technical observation

Last week, the pair EUR/USD broke above a supportive level 1.1903 with a big green candle and it is still trading with an increasing bullish bias. I expect this week’s candle to close bullish, however, next week my expectation is a momentum to the lower side; this anticipated bearish movement is a retracement to the key line 1.1903. I expect a loss of it at the same line for a surge to the upper side towards the key level 1.2455 followed by either a clear breakout above it with a big green candle, or a bounce at it followed by another correction to the supportive level 1.1903. Only bullish position look ideal for EUR.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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