Forex Technical Analysis: Trend potential – Expecting a rally to 1.1411


Technical observation

On the hourly chart above price retraced to a resistance zone it established at 1.1738-1.1726 but it could not break below it, instead it bounced within this zone then plunged with a big red candle. Currently this pair is trading with an increasing bearish bias above the supportive level 1.1411 and today I expect a continuation of this downwards movement to the level I have mentioned above, if you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.1411 and stop-loss at 1.1798. As it is on the chart above, I can only recommend bullish positions above the zone 1.1738-1.1726.

Trade recommendation

Remain short with your take profit at 1.1411.

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