Forex Technical Analysis: Trend potential – Remain short towards 1.3316.


Remain short towards 1.3316.

Technical observation

EUR was rejected at 1.1534 and is now plummeting towards the support 1.3316, my expectation is either a bounce at 1.3316 followed by a correction to 1.1534 for further bearish momentum or a clear breach below 1.3316 followed by a correction to it for downwards momentum. If you sold this pair at 1.1534 or around it pick your profits at1.3316 and if you had not sold it yet, wait for either a rejection at 1.3316 and a correction to 1.1534 to sell EUR or a clear breakout below 1.3316 followed by a pull back to it to sell this pair. Only short positions look ideal and can be recommended for the pair on the daily chart above.

Trade recommendation

Remain short towards 1.3316.

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

Remain short towards 1.3316.

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