Forex Technical Analysis: Trend potential – Remain short with your take profit at 1.1248

EURUSD – Up

Remain short with your take profit at 1.1248

Technical observation

Yesterday, EUR rose significantly towards a resistance zone 1.1355-1.1348 and now it is trading within it on an increasing bearish momentum. As long as EUR is contained below 1.1355-1.1348 we expect more of this movement towards the support 1.1248 and a possible breakout below it for a further momentum to the lower side. In case you sold EUR within the zone mentioned above after a bounce, you can hold on to that position with your take profit at 1.1248 and stop loss at 1.1388, if you had not sold the pair yet, you can still sell it now but if you are a bit sceptic to sell now, wait for another correction to 1.1355-1.1348 to sell EUR.

Trade recommendation

Remain short with your take profit at 1.1248 and stop loss at 1.1388.

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