Forex Technical Analysis: Trend potential – Short EUR

EURUSD – Up

Short EUR

Technical observation

Yesterday, the pair EURUSD rose above the resistance level I wrote, currently price is at another key resistance zone (1.2454-1.2434),I expect a possible rejection of EUR around the zone and a decline in price towards 1.2185,I also expect price to break below the line to continue with the bearish movements towards 1.1935 and even lower to1. 1721 in the coming days. In case there’s a clear breakout above (1.2454-1.2434) then my advice would be you wait for a correction to the zone before you enter long positions, right now only short positions look ideal and can be advised around the zone with your take profit at 1.2185.

Technical levels

Resistance levels

R1.1.2291

R2.1.2331

R3.1.2413

Pivot

1.2252

Support levels

S1.1.2209

S2.1.2166

S3.1.2084

Trade signal

Short EUR now with your take profit at 1.2185 and your stop loss around 1.2542

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