04 Februari 2021, EUR/USD
Technical observation
On the daily chart above, price broke below a supportive line 1.2076 with a big red candle. Right now, this pair is still trading with an increasing bearish bias, however, I expect a correction to the just broken line followed by a rejection at it to sell EUR with my take profit at 1.1716 and stop loss at 1.2225. In case there is a clear breakout below the supportive zone 1.1716-1.1689 with a big red candle, wait for a retracement to the zone before you continue short with this pair. On your way downwards, the key levels to look for include, 1.1424, 1.1164 and the lower supportive level 1.0776.
Trade recommendation
Wait for a correction to the line 1.2076 to sell EUR.
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