Forex Technical Analysis: Trend potential – Wait for a correction to 1.1330-1.1324 to sell EUR.

EURUSD – Up

Wait for a correction to 1.1330-1.1324 to sell EUR.

Technical observation

The breakout above the resistance zone 1.1330-1.1324 yesterday was false as price went below the zone after several hours, this pair then corrected to the zone before rallying downwards towards the resistance 1.1256, currently EUR is pulling back to the above mentioned zone and I expect a bounce within it to re-sell it with my take profit at 1.1256 and stop loss at 1.1351, in case of a penetration below 1.1256 followed by a pullback to it then more downwards momentum of this pair can pair can be expected. As long as price is contained below the zone 1.1330-1.1324 on the hourly chart above, only short positions may be recommended for EUR.

Trade recommendation

Wait for a correction to 1.1330-1.1324 to sell EUR.

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