Forex Technical Analysis: Trend potential – Wait for a correction to 1.1314 to sell EUR.

EURUSD – Up

Wait for a correction to 1.1314 to sell EUR.

Technical observation

On the hourly chart above EUR is generally moving downwards meaning only short positions can be recommended. I expect a correction of price to the resistance 1.1314 followed by a rejection of it at the line to sell EUR towards the support 1.1265 with my stop loss at 1.1341.In case there’s a clear penetration above 1.1314 followed by a rise to the resistance zone 1.1405-1.1400 and a bounce within it, you can still sell this pair within the zone with your take profit at 1.1314 and stop loss at 1.1434.Should there be a clear breakout above 1.1405-1.1400 followed by a correction to it then bullish price rally towards 1.1476 can be expected.

Trade recommendation

Wait for a correction to 1.1314 to sell EUR.

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