Forex Technical Analysis: Trend potential – Sell EUR within 1.0578-1.0568


Technical observation

EUR is trading with an increasing bullish bias below the zone 1.0578-1.0568, this upwards movement is a pullback to the same zone and I expect a rejection of price within it to pick a sell order with my take profit at the level 1.0358 and stop-loss at 1.0632. Should there be a clear break below the level 1.0358, I expect a further momentum to the lower side after a correction to the broken line. On the 4 hour chart above, as long as price is sustained below the zone 1.0578-1.0568, I can only recommend short positions, a surge to the upper side can only be expected in case of a clear breach above the zone I mentioned earlier.

Trade recommendation

Sell EUR within 1.0578-1.0568 with your take profit at 1.0358.

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