Forex Technical Analysis: Trend potential – Sell EUR within 1.1422-1.1413

EURUSD – Up

Technical observation

EUR has been rising steadily towards the resistance zone 1.1422-1.1413, currently price is rallying within the zone and I expect a rejection of it within it followed by bearish rally towards 1.1269, wait for the rejection within the above mentioned zone to sell this pair with your take profit at 1.1269 and stop loss at 1.1450.In case of a breakout below 1.1269, wait for a confirmation of further bearish price rally before you continue short with this pair. Should there be a clear penetration above 1.1422-1.1413 followed by a correction to it more than once then bullish momentum will be anticipated towards the resistance level 1.1539.

Trade recommendation

Sell EUR within 1.1422-1.1413 with your take profit at 1.1269 and stop loss at 1.1450.

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