11 Februari 2021, EUR/USD
Technical observation
EUR retraced to a supportive level it established at 1.2036 but did not break below it. It bounced at the lien and is currently trading with an increasing bullish bias. I expect this upwards movements to continue to the resistance line 1.2766 followed by either a clear penetration above it with a big green candle, or a rejection at it followed by a correction to the level 1.2036. If you bought EUR at the line 1.2036 after a bounce, remain short with your take profit at 1.2766 and stop loss at 1.1829. As long as price is contained above the line 1.2036, I can only recommend picking long positions for this pair.
Trade recommendation
Remain bullish with your take profit at 1.2766.
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