Forex Technical Analysis: Trend potential – Remain long towards 1.2557

EURUSD – Up

Remain long towards 1.2557

Technical observation

Recently, after a sharp drop in price, EUR could not penetrate below the daily support zone 1.2217-1.2192 where previously price has constantly been rejected from. I went long following the rejection on this support zone and I’m still holding on to this position. I expect that this week, EUR should continue rising towards 1.2557 or even higher to the weekly resistance line 1.2878.At the moment only a long position can safely be recommended especially while the price is above 1.217-1.2192,if the price gets below it, then a short position can be considered after a retracement to the zone.

Technical levels

Resistance levels

R1.1.2345

R2.1.2401

R3.1.2505

Pivot: 1.2299

Support levels

S1.1.2241

S2.1.2194

S3.1.209

Trade signal

Remain long towards 1.2557

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