Forex Technical Analysis: Trend potential – Conservative traders can wait for a bounce from 1.10547 to pick a low risk buy.

EURUSD – Up

Conservative traders can wait for a bounce from 1.10547 to pick a low risk buy.

Technical Observation

Just as we indicated in the previous forecast, EURUSD declined perfectly but could not break below 1.1153. This is a key level and while the price is not able to break below it, we’re waiting for a clear bounce signal to pick a low risk buy order with our target at 1.11694. And in case the price breaks below it, then this will mean we’re continuing to the lower side with an ultimate target at 1.10547. The idea is not to pick a buy position now, rather, wait for a clear bounce from the level mentioned above to pick a long position.

Trade Recommendations:

Conservative traders can wait for a bounce from 1.10547 to pick a low risk buy.

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