Forex Technical Analysis: Trend potential – Buy EUR around (1.2471-1.2455)

EURUSD – Up

Buy EUR around (1.2471-1.2455)

Technical observation

On the 4H chart above,EURUSD broke above a key resistance zone (1.2471-1.2455) on 15th of February this year, price then retraced to the zone as a support but got rejected and went up. Currently it is rallying above the zone and I expect possible pullback to it to buy EURUSD.In case there’s a clear breach of price below (1.2471-1.2455) then that would be the best time to short the pair after a retracement to the zone towards 1.2301.Right now only long positions look ideal and can be advised around or within (1.2471-1.2455) with your take profit at .12560 and stop loss around 1.2401.

Technical levels

Resistance levels

R1.1.2281

R2.1.2291

R3.1.2311

Pivot

1.2271

Support levels

S1.1.2262

S2.1.2251

S3. 1.2232

Trade signal

Buy EUR around or within (1.2471-1.2455) with your take profit at .12560 and stop loss around 1.2401.

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