Forex Technical Analysis: Trend potential – Short EUR/USD now

EURUSD – Up

Short EUR/USD now

Technical observation

The pair on the daily chart above broke below a support line 1.1733 with a big red candle, yesterday price corrected to it and could not penetrate above so was rejected. As the pair is on a downward movement, you can short it now with your take profit at 1.1468 and stop loss around 1.1820.I expect a rally of price towards 1.1468 and a breakout below it for further decline in price towards1.1129 or even lower to 1.0803 as seen on the chart when you zoom out. In case of a breakout below the support 1.1468, wait for a correction to it before you short the pair towards 1.1129.Only short positions can be recommended.

Technical levels

Resistance levels

R1.1.1813

R2.1.1854

R3.1.1927

Pivot

1.1787

Support levels

S1.1.1739

S2.1.1708

S3.1.1635

Trade signal

Short EUR/USD now with your take profit at 1.1468 and stop loss around 1.1820.

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