Forex Technical Analysis: Trend potential – We’re short towards 0.9988


Technical observation

On the chart above price retraced to the resistance zone it established at 1.0265-1.0248 but could not break above it, instead it bounced within the same zone and currently it is trading with an increasing bearish bias. As long the value of EUR is sustained below the zone mentioned above you can only expect bearish movements of price. If you sold EUR within the zone indicated above after a bounce, remain in the trade with your take profit at 0.9988 and stop loss at 1.0365. If there is a clear break below the level 0.9988, I expect the value of EUR to surge further to the lower side. I can only recommend bullish positions above the zone 1.0265-1.0248.

Trade recommendation

Remain short with your take profit at 0.9988.

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