Forex Technical Analysis: Trend potential – Wait for a breakout below 1.1681-1.1670

EURUSD – Up

Wait for a breakout below 1.1681-1.1670

Technical observation

EUR/USD did not rise as predicted yesterday and is currently showing signs of breaking down below the supportive zone 1.1681-1.1670.I expect a clear breakout below the zone followed by a correction to it for possible bearish momentum towards the support 1.1561.I would advise you wait for the breakout below the zone followed by a correction to it before you short the pair but on the second correction to the zone just to ensure it is not a false breakout. If price pulls back up above the zone instead of moving down, then the breakout was false and you can still long EUR within 1.1681-1.1670 towards 1.1824.

Technical levels

Resistance levels

R1.1.1772

R2.1.1778

R3.1.1796

Pivot

1.1763

Support levels

S1.1.1754

S2.1.1743

S3.1.1726

Trade signal

Wait for a breakout below 1.1681-1.1670 to short EUR.

Do you know against which currencies EUR is the most profitable?

Wait for a breakout below 1.1681-1.1670

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You may check other analytical reviews on FreshForex website. Source: freshforex.com.

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