Forex Technical Analysis: Trend potential – Remain short towards 1.0444.


Remain short towards 1.0444.

Technical observation

Just as I predicted last week, this pair declined this week too and I still expect more of this movement next week towards the support level marked at 1.0444.If you picked short position within the resistance zone 1.1542-1.1457 after a bounce, you can hold on to that position with your take profit at 1.0444 and stop loss at 1.1823, in case of a breach below 1.0444, more downwards momentum can be anticipated. On the weekly chart above long positions may only be recommended above 1.1542-1.1457 towards 1.2477 but as long as price is contained below the zone only short positions look ideal and may be advisable.

Trade recommendation

Remain short towards 1.0444.

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