Forex Technical Analysis: Trend potential – Wait for a correction to 1.1752-1.1722

EURUSD – Up

Wait for a correction to 1.1752-1.1722

Technical observation

On the daily char above, EUR/USD is on a downward movement, price breached below a support zone 1.1752-1.1722 with a big red candle then proceeded down. Currently, price is below the broken zone and I expect a correction of it to 1.1752-1.1722 and a rejection of it within the zone for possible bearish movements of price towards 1.1387,In case price is not rejected within 1.1752-1.1722 and instead breaks above but gets rejected at the resistance 1.1998,you can still short the pair from 1.1998 with your ideal target at 1.1752.Right now wait for a pullback to 1.1752-1.1722 to short EUR/USD.

Technical levels

Resistance levels

R1.1.1707

R2.1.1765

R3.1.1853

Pivot

1.1676

Support levels

S1.1.1619

S2.1.1588

S3.1.15

Trade signal

Wait for a correction to 1.1752-1.1722 to short EUR/USD.

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