We're flat | 08 January 2021
08 January 2021, EUR/USD
Technical observation
On the weekly chart above, price is trading with an increasing bullish momentum below a resistance line 1.2286, my expectation is either a clear breakout above the lien with a big green candle, or a bounce at it followed by a correction to the supportive zone 1.1830-1.1778. If you bought this pair at the zone mentioned above and is still long, I would advise you pick your profits now at the line 1.2286. In case you are flat with this pair, remain so and wait for either a clear breakout above the line 1.2286 and a correction to it to buy EUR or, a retracement to the zone 1.1830-1.1778 and a bounce within it to buy EUR.
Trade recommendation
Remain neutral.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
