Remain flat | 23 November 2020

Technical observation

On the 4-hour chart above, price is trading below a resistance line 1.1895 with an increasing bearish bias. I expect a correction to the supportive zone 1.1813-1.1807 followed by a bounce within it for bullish movement of price, however, this pair can still fail to retrace to the above-mentioned zone and instead rally upwards breaking above the line 1.1895. My advice, wait for a correction to the zone 1.1813-1.1807 and a rejection within it to buy EUR with your take profit at 1.1859 and stop loss at 1.1772. In case of a break above the line 1.1895, wait for a correction to it before you buy EUR towards 1.1989.

Trade recommendation

Remain flat.