Forex Technical Analysis: Trend potential – Buy EUR/USD now

EURUSD – Up

Technical observation

The pair on the daily chart above Is on an upward trend, price broke above a resistance zone1.1725-1.1661,price then retraced to the broken zone thrice before racing up towards a resistance 1.2513 but it could not penetrate above it and was rejected. Currently price is within the support zone 1.1725-1.1661 and I don’t expect a breakout below it but a rejection from it for possible bullish momentum towards 1.2513 and a breakout above it for a further rise in price towards 1.2998.Only long positions look ideal and I would advise buy long EUR/USD now with your ideal target at 1.2513 and stop loss around 1.1387.

Technical levels

Resistance levels

R1.1.1771

R2.1.1893

R3.1.2078

Pivot

1.1708

Support levels

S1.1.1587

S2.1.1524

S3.1.1339

Trade signal

Buy EUR now with your take profit at 1.2513 and stop loss around 1.1387.

FreshForex cancels commissions!

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