We're long towards 1.2271 | 22 Desember 2020

22 Desember 2020, EUR/USD

Technical observation

On the 4-hour chart above, price retraced to a supportive level 1.2137 but could not break below it. It bounced at the same line then rose and is now trading below a resistance line 1.2271 with an increasing bullish momentum. My advice, if you bought EUR at the line 1.2137 after a bounce, remain long and pick your profits at 1.2271 with your stop loss at 1.2095. In case, there is a clear breakout above the line 1.2271 with a big green candle, wait for a correction to the just broken zone and a rejection at it confirming a further momentum to the upper side before you continue long with this pair.

Trade recommendation

Remain long with your take profit at 1.2271.

Imelda Maseno
Analyst of «FreshForex» company
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