Forex Technical Analysis: Trend potential – We’re long towards 1.1389


Technical observation

On the chart above, price pulled back to the supportive zone it established around 1.1216-1.1204 but could not break below it and a contained. Currently EUR is trading with an increasing bullish momentum above the zone and I expect this upwards movement to continue to the resistance line 1.1389 followed by a possible breakout above it with a big green candle. If you bought this pair within the zone 1.1216-1.1204 after a bounce, remain long with your take profit at 1.1389 and stop loss at 1.1153. You can only anticipate bearish rally below the zone 1.1216-1.1204 towards the supportive key level 1.1041.

Trade recommendation

Remain bullish with your take profit at 1.1389.

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