Forex Technical Analysis: Trend potential – Remain short towards 1.1214


Technical observation

EUR bounced within the resistance zone 1.1472-1.1452 after failing to penetrate above it before rallying down yesterday, currently price is moving on an increasing bullish momentum and my expectation is either a correction to 1.1472-1.1452 followed by a bounce within it for more bearish rally, or a decline towards 1.1214 followed by a breach below it and a correction to it.I sold this pair within the above mentioned zone and I am holding on to this positions with my take profit at 1.1214 and stop loss at1 .1622, in case you had not traded this pair yet, you can remain flat and wait for either a correction to 1.1472-1.1452 or a clear penetration below 1.1214 to sell EUR.

Trade recommendation

Remain short towards 1.1214.

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