Forex Technical Analysis: Trend potential – We’re short towards 1.1102


We're short towards 1.1102

Technical observation

Following a bounce within the resistance zone 1.1506-1.1473 four days ago, this pair has been declining steadily towards a support 1.1102 and I expect a penetration below it for a further decline in price towards the support level marked at 1.0496.I sold this pair after a bounce within the zone 1.1506-1.1473 and I am holding on to that position with my take profit still at 1.1102 and stop loss at 1.1625.If you are not in a trade yet, you can wait for another retracement to the zone 1.1506-1.1473 and a bounce within it to sell EUR, or, a clear breach below 1.1102 followed by a pullback to it to sell EUR with your take profit at 1.0496.

Trade recommendation

Remain short with your take profit at 1.1102 and stop loss at 1.1625.

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