31 January 2020, EUR/USD
Technical observation
On the daily chart above, price is rallying above a supportive level 1.0992. Yesterday, EUR rose but did not reach the resistance zone 1.1197-1.1175, my expectation is either a clear penetration below the line 1.0992 with a big red candle or a correction to the zone 1.1197-1.1175. In case there is a clear breach below 1.0992, wait for a retracement to it and a rejection before you sell EUR with your take profit at 1.0839 and stop loss at 1.1054. If price does not penetrate below 1.0992 but instead rise to 1.1197-1.1175, wait for a rejection within the zone to sell EUR with your take profit at the line 1.0992.
Trade recommendation
Remain flat.
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