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Wait for a retracement

Wait for a retracement | 17 December 2020

17 December 2020, EUR/USD

Wait for a retracement

Technical observation

On the weekly chart above, price broke above a resistance line 1.1906 with a big green candle and is still rallying upwards. However, I expect bearish movements of price to the key line mentioned above followed by a bounce at it to pick long positions towards the resistance line marked at 1.2452. In case of a clear breakout above the line 1.2452 with a big green candle, you can anticipate a further surge of this pair to the upper side. My advice, remain flat and wait for a correction to the key line 1.1906 and a bounce at it to buy EUR with your take profit at the level 1.2452 and stop loss at 1.1714.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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