Forex Technical Analysis: Trend potential – We’re short towards 1.1216

EURUSD – Up

We're short towards 1.1216

Technical observation

EUR established a key resistance zone at 1.1509-1.1476, for several days now, this pair has been retracing to the mentioned zone but has not been able to penetrate above it, and as long as it is contained below this zone only short positions may be recommended. From 3rd of this month price has been rising towards 1.1509-1.1476 and yesterday it was rejected at it, now EUR is rallying on a bearish momentum towards the support 1.1216 and my expectation is a decline to it and a possible breakout below it. If you had not sold this within 1.1509-1.1476, you can still sell it now with your take profit at 1.1216 and stop loss at 1.1623.

Trade recommendation

Sell EUR with your take profit at 1.1216 and stop loss at 1.1623.

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