Forex Technical Analysis: Trend potential – Long EUR within 1.1556-1.1471

EURUSD – Up

Long EUR within 1.1556-1.1471

Technical observation

On the weekly chart above,EURUSD broke above a resistance zone 1.1556-1.1471 with a big green candle, price retraced to it once then went up to a resistance 1.2449,it could not break above it and was rejected, it then declined steadily towards 1.1556-1.1471 and did not breach below it then went up. Last week, price pulled back to the zone and was rejected again. I expect bullish momentum of price this week and the weeks to come towards 1.2449 and a breakout above it for a further rise in price towards 1.3469.Im looking to long EUR within 1.1556-1.1471 with my take profit at 1.2449 and stop loss around 1.1155.

Technical levels

Resistance levels

R1.1.1792

R2.1.1977

R3.1.2286

Pivot

1.1668

Support levels

S1.1.1483

S2.1.1358

S3.1.1049

Trade signal

Long EUR within 1.1556-1.1471 with your take profit at 1.2449 and stop loss around 1.1155.

101% Double the volume

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