Forex Technical Analysis: Trend potential – Remain flat

EURUSD – Up

Remain flat

Technical observation

EURUSD has been trading on an upward trend with five retracements at a key support zone (1.2243-1.2201), currently price is rallying between the zone and a key resistance line 1.2555 and I expect either a rise in price towards the line and a breakout above it followed by a correction to it for bullish movements of price, or a correction to the zone (1.2243-1.2201) followed by a rejection of price for bullish movements of price. I would advise you remain flat now and wait for either a pullback to the zone or a breakout above 1.2555 to buy EUR.Short positions can only be advised below (1.2243-1.2201).

Technical levels

Resistance levels

R1.1.2369

R2.1.2406

R3.1.2485

Pivot

1.2336

Support levels

S1.1.2294

S2.1.2259

S3.1.214

Trade signal

Remain flat.

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