Forex Technical Analysis: Trend potential – Expecting a rally to 0.9988


Technical observation

Recently the value EUR bounced within the resistance zone it established at 1.0269-1.0252 then went declined for some time and currently, it is trading below the same zone with an increasing bearish bias. My expectation is a further momentum to the lower side and if you picked short positions within the zone indicated above, I would advise that you remain short with your take profit at 0.9988 and stop-loss at 1.0381. In case of a clear penetration above the zone 1.0269-1.0252, wait for a retracement and a rejection within it before you pick long positions. On your way upwards the levels to look for are 1.0786 and 1.1136.

Trade recommendation

Remain short with your take profit at 0.9988.

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