Forex Technical Analysis: Trend potential – Buy a bounce within 1.1428-1.1422

EURUSD – Up

Buy a bounce within 1.1428-1.1422

Technical observation

Yesterday, EUR went above a resistance zone 1.1428-1.1422 with a big green candle price then corrected itself significantly to the lower side but it is still above this zone and as long as it is contained above it only long positions can be recommended. Wait for a rejection of price within the zone to buy EUR with your take profit at 1.1496 and stop loss at 1.1399.Should there be a clear breach above 1.1496 then more bullish price rally will be anticipated. If you are a bit sceptic to buy this pair now you can wait for another retracement to the zone and a rejection within it to pick long positions with your take profit till at 1.1496.

Trade recommendation

Buy a bounce within 1.1428-1.1422 with your take profit at 1.1496 and stop loss at 1.1399.

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