Forex Technical Analysis: Trend potential – Short EUR around (1.2379-1.2334)

EURUSD – Up

Short EUR around (1.2379-1.2334)

Technical observation

A clear breakout was seen on the daily chart above on 7th of this month this year when price went down below a support zone (1.2379-1.2334) with a big red candle, it then rallied below the zone and is currently retracing back to it.I expect a possible rejection and bearish movement of price towards 1.2184,I expect price to also break out below the next key line 1.1935 and continue further down towards 1.1741.Right now only short positions look ideal and can be advised within (1.2379-1.2334) with your first take profit at 1.2184 and the next at 1.1935 and your stop loss at 1.2434.

Technical levels

Resistance levels

R1.1.2291

R2.1.2331

R3.1.2413

Pivot

1.2248

Support levels

S1.1.2209

S2.1.2166

S3.1.2084

Trade signal

Short EURUSD around (1.2379-1.2334) with your first take profit at 1.2184 and the next at 1.1935 and your stop loss at 1.2434.

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