Forex Technical Analysis: Trend potential – we are flat


Technical observation

On the hourly chart above price declined as I had expected up to a supportive zone it established at 1.0115-1.-0122 and right now it is trading with an increasing bullish bias within the same zone. Today I expect a further surge towards the resistance level 1.0268 and I would suggest that you wait for a pullback to it to pick short positions with your take profit at 1.0122 and stop-loss at 1.0048. I can only recommend bullish positions in case of a clear breakout above the level 1.0268, and if there is a penetration below the key line 1.0115, I expect EUR to descend towards the lower supportive level 0.9952.

Trade recommendation

Remain neutral.

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