Forex Technical Analysis: Trend potential – We’re short towards 110.24


We're short towards 110.24

Technical observation

USD is declining steadily towards the support 110.24 and I expect either a bounce at it followed by a correction to 111.45 to re-sell this pair or a clear penetration below it and a correction to sell USD. I recently picked short position at 111.45 and I’m holding on to this position with my take profit at 110.24 and stop loss at 111.82.If you are not in a trade yet, wait for either a correction to 111.45 or a breakout below 110.24 to sell USD. In case of a clear breakout below 110.24 you can wait for a retracement to it and a bounce at it before you continue short with USD. On the 4hour chart above only short position can be recommended.

Trade recommendation

Remain short towards 110.24.

Be the first to get $5 for participation in the webinar 8.30 GMT!


You may check other analytical reviews on FreshForex website. Source: