Forex Technical Analysis: Trend potential – Buy EUR now

EURUSD – Up

Buy EUR now

Technical observation

On the daily chart above,EURUSD retraced to a support zone (1.2241-1.2211) while on an upward trend then moved up to a key line 1.2507.Yesterday while correcting to the zone the pair could not penetrate below the zone and so it was rejected around the zone and not within it.I expect possible bullish movement of price towards 1.2507 and a possible breakout above 1.2507.I would advise you buy EUR now with your take profit around 1.2507 and stop loss around 1.2088.In case there’s a clear break out below (1.2242-1.2211) wait for a correction to the zone to confirm bearish movement of price before you enter short positions.

Technical levels

Resistance levels

R1.1.2513

R2.1.2615

R3.1.2777

Pivot

1.2461

Support levels

S1.1.2129

S2.1.2291

S3.1.2351

Trade signal

Buy EURUSD now with your take profit at 1.2507 and stop loss around 1.2088

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