Forex Technical Analysis: Trend potential – Expecting a correction to the zone 1.1541-1.1495


Technical observation

On the weekly chart above price is trading with an increasing bullish bias above the supportive level 1.0405 and this week I expect a continuation of this upwards movement. I anticipate a surge to the resistance zone price established at 1.1541-1.1495 followed by a rejection within it to pick short positions with my take profit at 1.0405 and stop-loss at 1.1879. Should there be a clear break below the level 1.0405 I expect the value of EUR to plummet further after a correction to the broken line. AS it is on the chart above I can only recommend bullish positions in case of a clear break above the zone I mentioned earlier.

Trade recommendation

Wait for a correction to the zone 1.1541-1.1495 to sell EUR.

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