29 December 2020, EUR/USD
Technical observation
On the daily chart above, price is trading with an increasing bullish momentum above a supportive level 1.2976, I expect a continuation of this upwards movement to the resistance line 1.2414 followed by either a clear breakout above it with a big green candle, or a rejection at it. If you bought EUR at the level 1.2976 after a bounce, remain long with your take profit at 1.2414 and stop loss at 1.1927. Should there be a clear breakout below the line 1.2976 with a big red candle, you can anticipate a possible surge to the lower side after a retracement to the just broken line and a bounce at it.
Trade recommendation
Remain long with your take profit at 1.2976.
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