Forex Technical Analysis: Trend potential – expecting a retracement to the level 127.03.


Technical observation

On the chart above price has been rising steadily for several weeks and currently it is trading with an increasing bullish bias below the resistance level 137.28, however, I expect a loss of this upwards movement followed by a pullback to the supportive level 127.03. My advice, remain flat and wait for a correction to the level 127.03 then buy a bounce at it with your take profit at 137.28 and stop-loss at 122.60. In case of a clear break above the level 137.28, continue long after a correction to the broken line. I can only recommend short positions in case of a clear penetration below the supportive zone 113.54-114.25.

Trade recommendation

Wait for a correction to the level 127.03.

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