Forex Technical Analysis: Trend potential – Wait


Technical observation

On the daily chart above price is trading with an increasing bullish bias above the supportive level 1.0359, I expect a continuation of this upwards movement to the resistance zone 1.0824-1.0783 followed by a rejection within it to pick short positions with my take profit at 1.0359 and stop-loss at 1.0984. If price clearly breaks below the level 1.0359, I expect it to plummet further after a pullback to the broken line, however, should there be a clear penetration above the zone I mentioned earlier, I expect a correction to the same zone and rejection within it followed by a possible momentum to the upper side.

Trade recommendation

Remain neutral.

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