Forex Technical Analysis: Trend potential – Expecting a rally to 1.0358


Technical observation

On the chart above EUR declined with a big red candle as I had predicted and today I expect a further rally to the lower side. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.0358 and stop-loss at 1.0632. In case of a clear break below the level 1.0358 with a big red candle, wait for a correction to it before you continue short. As it is on the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.0568-1.0578 followed by a correction to it.

Trade recommendation

Remain short with your take profit at 1.0358.

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