Forex Technical Analysis: Trend potential – Wait for a correction

EURUSD – Up

Wait for a correction

Technical observations

Yesterday,EUR went down as predicted and is currently rallying down towards the key line 1.2316,I expect either a breakout below the line or a correction to the zone (1.2386-1.2379).If price corrects to the zone wait for a rejection within the zone to sell EUR towards the line 1.2316,and if it does not pull back to the zone and instead breaks breaches below 1.2316,wait for a correction to the zone then sell EUR with your take profit at 1.2234.Buy positions can only be advised in case there’s a clear breakout above (1.2386-1.2379) and a correction to it.Right now only short positions look ideal and can be advised.

Technical levels

Resistance levels

R1.1.2338

R2.1.2346

R3.1.2359

Pivot

1.2335

Support levels

S1.1.2325

S2.1.232

S3.1.2307

Trade signal

Wait for a breakout below 1.2316 or a correction to (1.2386-1.2379) to sell EUR.

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