Forex Technical Analysis: Trend potential – We’re short towards 1.1214


We're short towards 1.1214

Technical observation

Yesterday, EUR/USD rose to the resistance level 1.1454 but it could not penetrate above it and was rejected. Right now, it is rallying on an increasing bearish momentum towards the support 1.1214 and my expectation is a possible decline in price towards the level and a breakout below it followed by a correction to it for a further downwards movements. I sold this pair yesterday at 1.1454 and I’m holding on to this my take profit at 1.1214, if you are not short already you can still sell this pair now with your take profit at 1.1214 and stop loss 1.1584.Right now only short positions look ideal and can be recommended on the daily chart above.

Trade recommendation

Sell EUR now with your take profit at 1.1214 and stop loss 1.1584.

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