17 February 2021, EUR/USD
Technical observation
EUR is trading with an increasing bullish bias between a supportive zone 1.1587-1.1626 and a resistance line 1.2457. I expect either a decline to the zone mentioned above and a bounce within it, or, a rise to the resistance line 1.2457 followed by a possible breakout above it. My advice, remain flat and wait for a correction to the zone 1.1587-1.1626 and a rejection within it to buy EUR with your take profit at 1.2457 and stop loss at 1.1300. In case there is no retracement to 1.1587-1.1626 but a clear break above 1.2457, remain neutral and wait for a pullback to it and a bounce before you pick long positons towards 1.3441. I can only recommend bearish positions in case of a break below 1.1587-1.1626.
Trade recommendation
Remain flat.
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