Forex Technical Analysis: Trend potential – Short EUR around 1.1990

EURUSD – Up

Technical observation

After days of rallying down towards a support 1.1739,EUR/USD is now correcting to the resistance line 1.1990 and I expect a rejection of it from the line for possible bearish momentum towards 1.1739 and a possible breakout below it for a continuation of bearish movement of price towards 1.1387.You can wait for the correction of price to 1.1990 then short EUR/USD at it with your take profit at 1.1739 and stop loss around 1.2079.In case of a breach below 1.1739,remain short with EUR after a correction to it with your take profit at 1.1387.Long positions can only be recommended in case price breaks above 1.2235.

Technical levels

Resistance levels

R1.1.2014

R2.1.2042

R3.1.2102

Pivot

1.1984

Support levels

S1.1.1954

S2.1.1922

S3.1.1862

Trade signal

Short EUR around 1.1990 with your take profit at 1.1739 and stop loss around 1.2079.

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