Forex Technical Analysis: Trend potential – Short EUR within 1.1830-1.1794

EURUSD – Up

Short EUR within 1.1830-1.1794

Technical observation

EUR/USD has been trading on a downward trend, price broke below a support zone 1.1830-1.1794,it retraced to it twice before moving down up to a support line 1.1534.Yesterday it retraced to the zone but was rejected and could not penetrate above it.I expect a decline in price towards 1.1534 and a breakout below it for a further drop in price towards 1.1343.You can short the pair within 1.1830-1.1794 with your take profit at 1.1534 and stop loss around 1.1919.In case of a breakout below 1.1534,continue short with EUR after a correction to it.Long positions may only be recommended in case there’s a clear breach above 1.1839.

Technical levels

Resistance levels

R1.1.1811

R2.1.1853

R3.1.1937

Pivot

1.1769

Support levels

S1.1.1727

S2.1.1685

S3.1.1601

Trade signal

Short the pair within 1.1830-1.1794 with your take profit at 1.1534 and stop loss around 1.1919.

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