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


Technical observation

EUR retraced to the resistance zone it established at 1.0269-1.0286 but could not break above it, instead it bounced within the same zone and since then it has been trading with an increasing bearish bias. If you picked short position within the zone I have mentioned above after a bounce, remain in the trade with your take profit at 0.9988 and stop-loss at 1.0397. In case of a clear break below the level 0.9988 with a big red candle continue short after a correction to the broken line and a rejection at it. I can only recommend bullish positions towards the level 1.0597 in case of a clear break above the zone 1.0269-1.0286.

Trade recommendation

Remain short positions with your take profit at 0.9988.

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