Forex Technical Analysis: Trend potential – Looking to buy EUR

EURUSD – Up

Looking to buy EUR

Technical observation

On the weekly chart above, EURUSD is on an upward trend. Price retraced at a key support line 1.2239 thrice and is currently pulling back to it, I expect a rejection of it for bullish movements of price towards the key line 1.2563 and a breakout above it for a further rise in price towards the key line 1.2878.I would advise you wait for a close around 1.2239 to buy EUR with your first take profit at 1.2563 and the nest at 1.2878 with your stop loss around 1.2021.Short positions can only be advised in case of a clear breakout below the line 1.2239 with a big red candle and a correction to it towards 1.1727.

Technical levels

Resistance levels

R1.1.2385

R2.1.2482

R3.1.2646

Pivot

1.2317

Support levels

S1.1.2221

S2.1.2153

S3.1.1989

Trade signal

Wait for a close around 1.2239 to buy EUR with your take profit at 1.2563 and stop loss around 1.2021.

FreshForex cancels commissions!

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