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.
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