Forex Technical Analysis: Trend potential – Wait for a pullback to the zone 1.0749-1.076


Technical observation

On the chart above, the price is retracing to a resistance zone it established at 1.0749-1.0760 and I expect a possible loss of this upwards movement within the same zone followed by a momentum to the lower side. My advice, remain flat and wait for a pullback to the zone indicated above then pick short positions within it after a bounce with your take profit at 1.0461 and stop-loss at 1.0839. If there is a clear break below the level 1.0461 with a big red candle, wait for a correction to the broken line and a rejection of price at it before you continue short towards the supportive levels 1.0094 , 0.9540 or lower.

Trade recommendation

Wait for a pullback to the zone 1.0749-1.076 to sell EUR.

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