19 February 2021, EUR/USD
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias below a resonance line 1.2249. I expect this bearish movement to continue to the supportive zone 1.1513-1.1450 followed by a rejection within it to buy EUR. My advice, remain flat and wait for a correction to the zone and a bounce within it to buy EUR with your take profit at 1.2249 and stop loss at 1.1167. In case of a clear breakout above the line 1.2249 with a big green candle, wait for a correction to it and a bounce confirming further bullish movements of price before you continue long with this pair towards the level 1.2984.
Trade recommendation
Remain flat.
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