03 February 2021, EUR/USD
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias below a resistance line it established at 1.2249, I expect this downwards movement to continue to the supportive zone 1.1513-1.1450 followed by a rejection within it to pick long positions. However, this pair could still rise and penetrate above the line 1.2249 instead of retracing to the zone mentioned above, if this is the case, wait for retracement to the just broken line and bounce at it confirming a possible momentum to the upper side before you buy EUR, Right now I would advise you remain flat with this pair.
Trade recommendation
Remain flat.
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