Forex Technical Analysis: Trend potential – Sell EUR within (1.2387-1.2381)

EURUSD – Up

Sell EUR within (1.2387-1.2381)

Technical observation

On the 4H chart above,EURUSD broke below a support zone (1.2387-1.2381),price then rallied down up to a key line 1.2234,on 11th of this month however, price was pulled back to the zone and since then has retraced thrice to the zone, currently it is pulling back to the zone and I expect a rejection of it within or around the zone for bearish movements of EUR towards the key line 1.2316,I also expect a possible breakout below it for a further decline in price towards 1.2234.You can either sell EUR now or wait for a close within the zone then sell it with your take profit at 1.2316 and stop loss around 1.2413.

Technical levels

Resistance levels

R1.1.2338

R2.1.2346

R3.1.2359

Pivot

1.2333

Support levels

S1.1.2325

S2.1.232

S3.1.2307

Trade signal

Sell EUR within (1.2387-1.2381) with your take profit at 1.2316 and stop loss around 1.2413.

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