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Wait | 12 January 2021

12 January 2021, EUR/USD

Technical observation

Yesterday price broke below the zone 1.2182-1.2171 as I had predicted and is currently trading below it with an increasing bearish bias. I expect a correction to the just broken zone followed by a clear bounce within it for a momentum to the lower side. My advice, remain flat and wait for a correction to the zone mentioned above and a bounce within it to sell EUR with your take profit at 1.2050 and stop loss at 1.2237. In case of a clear breakout below the line 1.2050 with a big red candle, you can anticipate a further surge to the lower side towards the supportive zone marked at 1.1907-1.1893.

Trade recommendation

Wait for a correction to the zone 1.2187-1.2171 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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