Forex Technical Analysis: Trend potential – Wait for a correction to 1.1830-1.1802

EURUSD – Up

Wait for a correction to 1.1830-1.1802

Technical observation

EUR/USD has been trading on a downward trend. Price went below a support zone 1.1830-1.1802 with a big red candle then corrected to it twice before rallying down towards 1.1564,it could not penetrate below it and was rejected, currently it is pulling back to 1.1830-1.1802 and I expect a rejection of it within the zone for possible bearish momentum towards 1.1564 and a possible breakout below it for a further decline in price towards 1.1136.My advice, wait for a correction to 1.1830-1.1802 to short the pair within the zone with your take profit at 1.1564 and stop loss around 1.1944.

Technical levels

Resistance levels

R1.1.1642

R2.1.1677

R3.1.1762

Pivot

1.1593

Support levels

S1.1.1558

S2.1.1508

S3.1.1424

Trade signal

Wait for a correction to 1.1830-1.1802 to short EUR/USD.

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