Forex Technical Analysis: Trend potential – Wait for a correction to the zone 1.0105-1.0090


Technical observation

On the 4 hour chart above, price rose above the resistance zone 1.0105-1.0090 but it was not sustained above it, instead it declined below the same zone with a big red candle then rallied further downwards and currently it is trading with an increasing bearish bias between the zone indicated above and a supportive level 0.9862. My advice, remain flat and wait for a correction to the zone I mentioned earlier then pick short positions within it after a bounce with your take profit at 0.9862 and stop-loss at 1.0191. In case of a break below the level 0.9862 you can expect the value of EUR to plummet further after a correction to the broken line.

Trade recommendation

Wait for a correction to the zone 1.0105-1.0090 to sell EUR.

You may check other analytical reviews on FreshForex website. Source: