Forex Technical Analysis: Trend potential – Wait


Technical observation

EUR declined to a level 1.0632 but did not break below it, instead it bounced at this line and it is currently trading with an increasing bullish bias; this upwards movement is a correction to the zone 1.0955-1.0941 and I expect a possible rejection within it. My advice, remain flat and wait for a correction to the zone mentioned above then sell a bounce within it with your take profit at 1.0632 and stop-loss at 1.1054. If there I a clear break below the level 1.0632, I expect the value of EUR to plunge further towards 1.0495 or lower. On the chart above, I can only recommend bullish positions above the zone 1.0955-1.0941.

Trade recommendation

Remain neutral.

You may check other analytical reviews on FreshForex website. Source: