Forex Technical Analysis: Trend potential – Short EUR/USD withn1.2235-1.2147

EURUSD – Up

Short EUR/USD withn1.2235-1.2147

Technical observation

After breaking down below a support zone 1.2235-1.2147,EUR/USD is rallying down towards a support line 1.1443,I expect a pullback of price to the just broken zone followed by a rejection of it within the zone for bearish movements of price towards 1.1443 and a possible breakout below 1.1443 for a further decline in price towards 1.0803.Wait for a correction to the zone the short EUR within it with your take profit at 1.1443 and stop loss around 1.2513.Remain short with EUR after a breakout below 1.1443 with your ideal target at 1.0803.Long positions can only be recommended above 1.2235-1.2147.

Technical levels

Resistance levels

R1.1.1928

R2.1.2086

R3.1.2333

Pivot

1.1839

Support levels

S1.1.1682

S2.1.1592

S3.1.1345

Trade signal

Short EUR/USD withn1.2235-1.2147 with your take profit at 1.1443 and stop loss around 1.2513.

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