Forex Technical Analysis: Trend potential – We’re short

EURUSD – Up

We're short

Technical observation

EUR/USD has been trading on a downward trend and rallying towards a support line 1.1733, previously it had retraced at a resistance line 1.1936 before rallying down. I expect either a correction of price to 1.1936 or a breakout below 1.1733 for bearish movements of price .I would advise you remain flat and wait for either a correction to 1.1936 or a breakout below 1.1733 or a correction to it to short EUR. On the daily chart above only short positions look ideal and can be recommended towards the support line 1.1468, only buy if there’s a clear breach above 1.2235 and a correction to it.

Technical levels

Resistance levels

R1.1.1813

R2.1.1854

R3.1.1927

Pivot

1.1783

Support levels

S1.1.1739

S2.1.1708

S3.1.1635

Trade signal

Wait for either a breakout below 1.1733 or a correction to 1.1936 to sell EUR.

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