Forex Technical Analysis: Trend potential – Wait for a correction to 1.1332-1.1325 to sell EUR.

EURUSD – Up

Wait for a correction to 1.1332-1.1325 to sell EUR.

Technical observation

EUR established a hourly resistance zone around 1.1332-1.1325 and it is currently rallying below it.I expect a correction to the zone and a bounce within it for bearish momentum of EUR.If you recently sold this pair within the above mentioned zone you can hold on to that position with your take profit at 1.1251 and stop loss at 1.1357, if you had not picked short position yet, wait for another retracement to 1.1332-1.1325 and a bounce within it to sell EUR. Should there be a breach below 1.1251 more downwards momentum can be expected but in case EUR penetrates above 1.1332-1.1325 then a possible move to the upper side can be anticipated.

Trade recommendation

Wait for a correction to 1.1332-1.1325 to sell EUR.

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