Forex Technical Analysis: Trend potential – Wait for a retracement to 1.2245-1.2192 to sell EUR

EURUSD – Up

Wait for a retracement to 1.2245-1.2192 to sell EUR

Technical observation

On the weekly chart above,EUR broke down below a support zone 1.2245-1.2192 with a big red candle last week, I expect a correction to the just broken zone followed by a rejection of price within or around it for possible bearish movement of price towards the support zone 1.1727 and a possible breakout below 1.1727 for a further decline in price, My advice, wait a retracement to 1.2245-1.2192 and a rejection at it then sell EUR at the second retracement to the zone with your take profit at the support line 1.1727 and stop loss around 1.2423.Remain short in case of a breakout below 1.1727.

Technical levels

Resistance levels

R1.1.2262

R2.1.2393

R3.1.2628

Pivot

1.2159

Support levels

S1.1.2028

S2.1.1924

S3.1.169

Trade signal

Sell EUR on the second retracement to 1.2245-1.2192

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