Forex Technical Analysis: Trend potential – Remain short

Technical Observation:
Eur continues to decline in a systematic manner, yesterday, Eur formed a free weekly low and is still very bearish. Today, and in the coming week, I expect a decline towards 1.2085 and may break even lower. If you’re not short already, you could wait and resell Eur upon a break below 1.2085, or re buy it upon a bounce from 1.1708. As it is on the weekly chart above, only a sell position can be recommended, but if the price can rise above 1.2500, or bounce from 1.1708, then these will be the ideal places to buy Eur.
Technical Levels
Resistance levels
R1: 1.2362
R2: 1.2465
R3: 1.2626
Support Levels
S1: 1.1982
S2: 1.2143
S3: 1.2201
Trade Signal
Remain short towards 1.1708

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