Forex Technical Analysis: Trend potential – Sell at 1.1298.

EURUSD – Up

Technical observation

On the daily chart above, EUR/USD broke below a supportive line 1.1298 with a big red candle and is currently rallying below it. My expectation is a correction to the just broken line followed by a bounce at it for possible bearish momentum towards a key support line 1.1099 and a possible break below it for a further decline in price, I’m looking to short this pair at 1.1298 with my ideal target at 1.1099 and stop loss around 1.1433, the general trend for the pair on the chart above is downwards so only short positions may be recommended right now. Long positions may only be advisable in case of a clear break above 1.1298 with a big green candle.

Trade recommendation

Sell EUR/USD at 1.1298.

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