Forex Technical Analysis: Trend potential – We’re neutral


Technical observation

EUR is still rallying between the support 1.1216 and the resistance zone 1.1551-1.1520, we expect either a rise to the zone followed by a bounce within it or a decline to 1.1216 followed by a breakout below it.Remain neutral and wait for either a correction to 1.1551-1.1520 and a bounce within it to sell EUR with your take profit at 1.1216 and stop loss at 1.1651, or a clear penetration below 1.1216 followed by a correction to it confirming further bearish price momentum to sell EUR.On your way downwards the key lines to look for are;1.0822 and 1.0335.On the chart above long positions may only be advisable above 1.1551-1.1520.

Trade recommendation

Remain neutral.

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