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We're long towards 1.2349

We're long towards 1.2349 | 07 January 2021

07 January 2021, EUR/USD

Technical observation

On the hourly chart above, price retraced to a supportive level it established at 1.2306 and could not break below it. It bounced at the level and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 1.2349 followed by a clear breakout above it with a big green candle for a further movement to the upper side. If you bought EUR at the line 1.2306 after a bounce, remain long with your take profit at 1.2349 and stop loss at 1.2284. In case of a break above 1.2349, wait for a correction to it before you continue long with this pair.

Trade recommendation

Remain long with your take profit at 1.2349.

Imelda Maseno
Analyst of «FreshForex» company
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