Forex Technical Analysis: Trend potential – Sell EUR within 1.0268-1.0252


Technical observation

On the chart above price is trading with an increasing bullish bias slightly below a resistance zone it established at 1.0268-1.0252. Today I expect a continuation of this upwards movement to the same zone followed by a rejection within it to pick short positions with my take profit at the supportive level1.0991 and stop-loss at 1.0379. In case of a clear break below the line 0.9991 with a big red candle, I expect price to plummet further after a correction to the broken line. As it is on the chart above, as long as the value of EUR is sustained below the zone I have mentioned above I can only recommend bearish positions.

Trade recommendation

Sell EUR within 1.0268-1.0252 with your take profit at 0.9991.

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