We're flat | 15 January 2021

Technical observation

For the past two weeks, the pair on the weekly chart above has been trading with an increasing bearish momentum. I expect this bearish movement to continue to the supportive zone 1.1513-1.1450 followed by a bounce within it for a momentum to the upper side. My advice, remain flat and wait for a correction to the zone mentioned above and a bounce within it to buy EUR with your take profit at 1.2249 and stop loss at 1.1178. Should there be a clear break above the level 1.2249 with a big green candle, you can expect a further rally to the upper side after a correction to the just broken line.

Trade recommendation

Remain flat.