16 November 2020, EUR/USD
Technical observation
On the hourly chart above, price is trading above a supportive zone 1.1843-1.1838 with an increasing bullish momentum. I expect this upwards rally to continue to the resistance line 1.1859 followed by a clear breakout above it with a big green candle for a further surge to the upper side. My advice, if you bought EUR within the zone 1.1843-1.1838 after a bounce, remain long with your take profit at 1.1859 and stop loss at 1.1813. As long as price is contained above the zone 1.1843-1.1838, you can only anticipate bullish movements of this pair. Bearish rally can only be expected below 1.1843-1.1838.
Trade recommendation
Remain long with your take profit at 1.1859.
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