Forex Technical Analysis: Trend potential – Re buy EUR around (1.2211-1.2174)

EURUSD – Up

Re buy EUR around (1.2211-1.2174)

Technical observation

On the daily chart above,EURUSD retraced at a key support zone (1.2211-1.2174) twice while on a upward trend then went up to a key line 1.2507.Right now, price is being corrected back to the zone and I expect a possible rejection of it at the zone to rebuy EUR.I also expect price to move up or even breakout above 1.2507,if it does, wait for a correction to the line first before you buy EUR.In case there’s a clear breach below (1.2211-1.2174)with a big red candle, wait for a retracement to the zone before you enter short positions. Right now only buy positions look more ideal and can be advised within or around (1.2211-1.2174).

Technical levels

Resistance levels

R1.1.2513

R2.1.2615

R3.1.2777

Pivot

1.2455

Support levels

S1.1.2129

S2.1.2291

S3.1.2351

Trade signal

Buy EURUSD around (1.2211-1.2174) with your take profit at 1.2507 and stop loss around 1.2088

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