21 January 2021, EUR/USD
Technical observation
On the daily chart above, price retraced to a supportive level 1.2076 but did not break below it. It bounced at the line and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 1.2357 followed by either a clear breakout above it with a big green candle, or a bounce at it followed by a pullback to the supportive level 1.2076. f you bought EUR at the line 1.2076 after a bounce, remain short with your take profit at 1.2357 and stop loss at 1.1918. I can only recommend bearish positions in case of a clear penetration below the line 1.2076 with a big red candle.
Trade recommendation
Remain long with your take profit at 1.2357.
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