Forex Technical Analysis: Trend potential – Looking to sell EURUSD

EURUSD – Up

Looking to sell EURUSD

Technical observation

On the daily chart above, EURUSD broke down below a support zone 1.2235-1.2192 then raced downwards towards a support line 1.1933.Recently price went below it and is currently still racing below it.I expect a correction of price to the just broken line and a rejection of price form it for possible bearish momentum towards 1.1713 or even e breakout below 1.1713 for a further decline in price. My advice, wait for a correction and a rejection of price from 1.1933 then sell EURUSD with your take profit at 1.1713 and stop loss around 1.2033,remain short in case of a breakout below your take profit 1.1713.

Technical levels

Resistance levels

R1.1.2014

R2.1.2042

R3.1.2102

Pivot

1.1982

Support levels

S1.1.1954

S2.1.1922

S3.1.1862

Trade signal

Wait for a correction to 1.1933 to sell EUR with your take profit at 1.1713 and stop loss around 1.2033.

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