Forex Technical Analysis: Trend potential – Remain short with your take profit still at 1.1214.

EURUSD – Up

Technical observation

Yesterday, EUR went down but not for long, though I still expect more bearish momentum towards the support level marked at 1.1214, price can still penetrate above the resistance zone 1.1504-1.1475 and in that case you should wait for a correction to the just broken zone then long this pair on the second retracement to it just to ensure the breakout was not false. In case you sold this pair yesterday within the above mentioned zone my advice is you remain in the trade with your take profit still at 1.1214 and stop loss at 1.1621, if you had not traded EUR yet, wait for a close within the zone 1.1504-1.1475 to sell this commodity.

Trade recommendation

Remain short with your take profit still at 1.1214 and stop loss at 1.1621.

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