26 January 2021, EUR/USD
Technical observation
On the daily chart above, price is trading with an increasing bearish momentum between a supportive line 1.1964 and a resistance level 1.2332. My expectation is either a decline to the supportive level mentioned above followed by a rejection at it or, a rally to the upper side followed by a breakout above the line 1.2332 with a big green candle. In case of a decline to the line 1.1964, buy a bounce at it with your take profit at 1.2332 and stop loss at 1.1773 and in case of a break above the line 1.2332, wait for a pullback to it before you pick long positions. I can only recommend bearish positions below 1.1964.
Trade recommendation
Remain flat.
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