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Remain flat

Remain flat | 06 January 2021

06 January 2021, EUR/USD

Technical observation

The value of the pair on the chart above did not decline to the supportive zone 1.2182-1.2171 as anticipated; instead, it rallied below the resistance line 1.2307 and is currently trading on the level with an increasing bullish bias. I expect a clear breakout above the resistance line with a big green candle followed by a correction to it for a surge to the upper side. My advice, remain neutral and wait for a clear breakout above the level 1.2307 and correction to it to buy EUR. On the chart above as long as price is contained above the line 1.2307, you can only anticipate a momentum of price to the upper side.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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