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Wait | 18 December 2020

18 December 2020, EUR/USD

Technical observation

On the chart above, price rose up to a resistance line 1.2271 and is currently trading with an increasing bearish momentum below it. I expect this bearish movement to continue to the supportive level 1.2076 followed by a bounce at it to buy this pair. My advice, wait for correction to the line 1.2076 and a rejection at it to buy EUR with your take profit at 1.2217 and stop loss at 1.1925. In case there is a clear penetration above the line 1.2217 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 EUR.

Trade recommendation

Wait for a retracement to 1.2076 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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