Forex Technical Analysis: Trend potential – Wait for a correction to 1.1823-1.1802

EURUSD – Up

Wait for a correction to 1.1823-1.1802

Technical observation

After the breakout above the line 1.1539, EUR rose with one candle then retraced up to the just broken line. Right now it is rising and I expect a rally to 1.1823-1.1802 and a rejection within it for possible bearish momentum towards 1. 1539 and in case of a breach below it,remain short towards 1.1344.Should there be a rise to the zone and a clear breakout above it with a big green candle, wait for a correction to it confirming possible bullish momentum of price before you pick long position with your ideal target at 1.1996 or even higher to 1.2183.Right now, short term traders can pick long position towards 1.1823-1.1802.

Technical levels

Resistance levels

R1.1.1602

R2.1.1645

R3.1.1721

Pivot

1.1568

Support levels

S1.1.1526

S2.1.1492

S3.1.1415

Trade signal

Wait for a correction to 1.1823-1.1802 to sell EUR/USD.

Do you know against which currencies EUR is the most profitable?

Wait for a correction to 1.1823-1.1802

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