15 February 2021, EUR/USD
Technical observation
On the chart above, price retraced to a supportive zone 1.1964-1.1938 then bounced at it and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 1.2328 followed by either a clear breakout above it with a big green candle, or a rejection at it followed by another correction to the zone 1.1964-1.1938. My advice, if you are currently long with this pair, remain in the trade with your take profit at 1.2328 and stop loss at 1.1743. In case of a breakout below the zone 1.1964-1.1938 with a big green candle, you can anticipate bearish movement of price towards the key level 1.1456 after a pullback to the broken zone and a bounce within it.
Trade recommendation
Remain long with your take profit at 1.2328.
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