08 February 2021, EUR/USD
Technical observation
EUR rose significantly to the upper side to the resistance line 1.2054 and is currently trading below the line with an increasing bullish bias. This bullish movement is a retracement to the line mentioned above and i expect a loss of it at the line for a possible surge to the lower side. My advice sell EUR at the line 1.2054 after a bounce with your take profit at 1.1898 and stop loss at 1.2098. In case there is a clear break below the line 1.1898 with a big red candle, wait for a pullback to it confirming further bearish movements of price before you continue short towards the lower supportive level marked at 1.1757.
Trade recommendation
Pick short positions at 1.2054 with your take profit at 1.1898.
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