Forex Technical Analysis: Trend potential – Remain short towards 1.1305.

EURUSD – Up

Remain short towards 1.1305.

Technical observation

Yesterday EUR/USD went up as expected and still could not penetrate above the resistance 1.1411, this pair was rejected then rallied on a bearish momentum for 8 hours and as long as it remains below 1.1411, I still expect more of this momentum towards the support 1.1305 followed by a clear breach below it for further downwards movement of price. I sold this pair at 1.1411 and I’m holding on to this positions with my take profit at 1.1305 and stop loss around 1.1468.Should there be a clear break above 1.1411,wait for a retracement to it to confirm bullish movement of EUR before you buy this pair on the second retracement.

Technical levels

Resistance levels

R1.1.1396

R2.1.1399

R3.1.1407

Pivot

1.1400

Support levels

S1.1.1388

S2.1.1384

S3.1.1377

Trade signal

Remain short towards 1.1305.

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

Remain short towards 1.1305.

More trading assets here…

You may check other analytical reviews on FreshForex website. Source: freshforex.com.