01 Februari 2021, EUR/USD
Technical observation
On the chart above, price retraced to the resistance zone it established around 1.2171-1.2160 but could not break above it, it bounced just below the zone and as long as price is contained below the same zone, I expect a rally to the lower side. If you sold this pair within the zone mentioned above after a bounce, remain short with your take profit at 1.2054 and stop loss at 1.2223. On your way downwards the key levels to look for include, 1.2054, 1.1898, 1.1757 and the lower supportive level 1.1616. You can only anticipate bullish movements of this pair in case of a penetration above the zone 1.2171-1.2160.
Trade recommendation
Remain short with your take profit at 1.2054.
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