29 January 2021, EUR/USD
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias below a resistance line 1.2249, my expectation is a rally to the lower side to the supportive zone 1.1450-1.1513 followed by a rejection within it to pick long positions. However, this pair could still penetrate above the level 1.2249 with a big green candle. In case there is a retracement to the zone mentioned above, sell this pair within it with your take profit at 1.2249 and stop loss at 1.1172. In case there is a break above the line 1.2249, wait for retracement to the just broken line followed by a bounce at it to buy EUR with your take profit at 1.3367.
Trade recommendation
Remain flat.
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