Bullish towards 1.1989 | 01 December 2020

Technical observation

On the chart above, price retraced to the supportive zone 1.1925-1.1918 but it did not break below it, it bounced within the zone and is currently rising steadily towards the resistance level 1.1989. I expect this bullish movement to continue to the resistance line mentioned above followed by a clear breakout above it with a big green candle however; this pair can still bounce at the same line. If you bought EUR within the zone 1.1925-1.1918 after a bounce, remain long with your take profit at 1.1989 and stop loss at 1.1884. In case of a break above 1.1989, wait for a pullback to it before you continue long.

Trade recommendation

Remain long with your take profit at 1.1989.