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Expecting a momentum towards 1.1378

Expecting a momentum towards 1.1378 | 16 December 2021

16 December 2021, EUR/USD

Expecting a momentum towards 1.1378

Technical observation

On the 4 hour chart above price recently retraced to the supportive zone 1.1258-1.1248 but could not break below it, instead it sent a long bullish tail below the zone but closed above it. This confirms a bullish dominance signal and as long as price remains above this zone, I expect nothing but a rally to the upper side. If you picked long positions within the zone mentioned above after a bounce, remain long with your take profit at 1.1378 and stop loss at 1.1204. In case of a clear break above the level 1.1378 with a big green candle, I expect the value of this pair to rise towards the upper resistance level marked at 1.1485 or even higher to 1.1630.

Trade recommendation

Remain long with your take profit at 1.1378.

Imelda Maseno
Analyst of «FreshForex» company
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