Forex Technical Analysis: Trend potential – We’re short at 1.1411

EURUSD – Up

We're short at 1.1411

Technical observation

EUR/USD broke above the resistance 1.1411 but could not be contained then went below it. Price corrected to the just broken line but could not penetrate above it and was rejected before rallying down. Right now it is at the mentioned line and I expect a rejection at it followed by possible bearish momentum towards 1.1305 and a clear break below it for a further decline of price. As long as price remains below the resistance zone 1.1542-1.1532,only short positions look ideal and can be recommended, long positions ,may only be advisable above the zone and on your way upwards the lines top look for include 1.1648 and 1.1793.

Technical levels

Resistance levels

R1.1.1387

R2.1.139

R3.1.1395

Pivot

1.1385

Support levels

S1.1.1383

S2.1.138

S3.1.1376

Trade signal

Short EUR at 1.1411 towards 1.1305.

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

We're short at 1.1411

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