Forex Technical Analysis: Trend potential – Pick short positions within 1.0595-1.0580


Technical observation

EUR is trading with an increasing bullish bias below the resistance zone 1.0595-1.0580 and i expect a continuation of this upwards movement to the same zone and a bounce within it followed by a surge to the lower side. My advice, remain flat and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 1.0357 and stop-loss at 1.0652. Should there be a clear break below the level 1.0357, I expect a further surge to the lower side after a correction to the broken line. However, in case of a clear break above the zone 1.0595-1.0580, I expect a possible rally to the resistance level 1.0933.

Trade recommendation

Sell EUR within 1.0595-1.0580 with your take profit at 1.0357.

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