22 January 2021, EUR/USD
Technical observation
On the chart above, price retraced to the resistance zone 1.2171-1.2160 as I had anticipated but did not break above it, it is currently trading within the same zone with an increasing bearish momentum and I expect this downwards movement to continue to the supportive level 1.2054 followed by a clear breakout below it with a big red candle. In case of a clear breakout above the zone mentioned above with a big green candle, wait for a correction to it and a bounce within it confirming a possible momentum to the upper side before you buy this pair with your take profit at the level 1.2299.
Trade recommendation
Remain short with your take profit at 1.2054.
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