05 Februari 2021, EUR/USD
Technical observation
On the 4-hour chart above, price retraced to a resistance zone 1.2051-1.2042 but could not break above it; it bounced within the zone and is currently trading with an increasing bearish bias. I expect this downwards movement to continue to the supportive line 1.1927 followed by either a clear breakout below it with a big red candle or a rejection at it followed by another correction to the resistance zone mentioned above. If you sold EUR within 1.2051-1.2042 after a bounce, remain short with your take profit at 1.927 and stop loss at 1.2115. I can only recommend short positions for the pair above.
Trade recommendation
Remain short with your take profit at 1.1926.
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