Forex Technical Analysis: Trend potential – Short EUR within 1.1722-1.1703

EURUSD – Up

Short EUR within 1.1722-1.1703

Technical observation

Yesterday the pair on the daily chart above pulled back to the resistance zone 1.1722-1.1703, it could not penetrate above it and was rejected. Currently price is still rally to the zone and I expect a rejection of it within the zone for possible bearish momentum towards the support 1.1511or even lower to 1.1342.Short the pair within the zone with your first take profit at 1.1511 and the next at 1.1342 with your stop loss around 1.1811.In case there’s a clear breakout above 1.1722 with a big green candle, wait for a pull back to the just broken zone before you long EUR on the second correction to the zone towards 1.2013.

Technical levels

Resistance levels

R1.1.1734

R2.1.1766

R3.1.1851

Pivot

1.1687

Support levels

S1.1.1649

S2.1.1596

S3.1.1511

Trade signal

Short EUR within 1.1722-1.1703 with your take profit at 1.1511 and stop loss around 1.1811.

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