Forex Technical Analysis: Trend potential – Long EUR now

EURUSD – Up

Long EUR now

Technical observation

During the previous weeks,EUR/USD has been pulling back to the support zone 1.1725-1.1633 and it is currently perfectly within it, price has been rejected within the zone and is showing signs of bullish momentum towards 1.2435,I expect a rise towards 1.2435 and a breakout above it for further bullish momentum towards 1.2998.You can long the pair now within the zone with your take profit at 1.2435 and stop loss around 1.1366.If price goes below 1.1633 with a big red candle, wait for a correction to it to confirm downward movement of price before you short the pair with your ideal target at 1.0860.

Technical levels

Resistance levels

R1.1.1755

R2.1.1852

R3.1.2071

Pivot

1.1633

Support levels

S1.1.1536

S2.1.1414

S3.1.1195

Trade signal

Long EUR now with your take profit at 1.2435 and stop loss around 1.1366.

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