Forex Technical Analysis: Trend potential – Re-sell EUR at 1.4039

EURUSD – Up

Re-sell EUR at 1.4039

Technical observation

The pair on the 4Hour chart is trading on a downward trend. Price went below a support 1.4039 with a big red candle then retraced to it before moving down. Currently it is pulling back to the line for a second time and I expect a rejection of it at the line to re-sell EUR with my take profit at 1.1343 and stop loss around 1.1469.Should there be a clear breach below 1.1343, I’ll wait for a correction to it confirming further bearish momentum of price before i continue short with this pair. Long positions may only be advisable in case of a clear breach above 1.1439 with a big green candle followed by a pull back to it more than once.

Technical levels

Resistance levels

R1.1.1396

R2.1.1399

R3.1.1407

Pivot

1.1392

Support levels

S1.1.1388

S2.1.1384

S3.1.1377

Trade signal

Re-sell EUR at 1.4039 with your take profit at 1.1343 and stop loss around 1.1469.

Do you know against which currencies EUR is the most profitable?

Re-sell EUR at 1.4039

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