Forex Technical Analysis: Trend potential – Short EUR within 1.1830-1.1802

EURUSD – Up

Short EUR within 1.1830-1.1802

Technical observation

Yesterday, EUR/USD did not break below the supportive line 1.1568 as I predicted, instead it went up and is currently still showing signs of rising towards the resistance zone 1.1830-1.1802.I expect a correction of price to the zone and a rejection of it within it for possible bearish momentum towards 1.1568 followed by a breakout below it for a further decline in price towards 1.1340.My advice, wait for the pullback to 1.1830-1.1802 then short the pair within the zone with your take profit at 1.1568 and stop loss slightly above 1.1830.In case of a breakout below 1.1568,continue short after a correction to it.

Technical levels

Resistance levels

R1.1.1643

R2.1.1665

R3.1.1725

Pivot

1.1606

Support levels

S1.1.1583

S2.1.1544

S3.1.1484

Trade signal

Short EUR/USD within 1.1830-1.1802 with your take profit at 1.1568 and stop loss slightly above 1.1830.

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