Forex Technical Analysis: Trend potential – Wait for a correction to zone 1.1599-1.1499

EURUSD – Up

Technical observation

Recently,EUR/USD broke down below a key support zone 1.1599-1.1499 with a big red candle,Currenlty price is retracing to the just broken zone and I expect rejection of it within the zone for possible bearish momentum towards 1.0440.You can short the pair within the zone after a rejection of price with your take profit at 1.0440 and stop loss slightly above 1.1599.In case price is not rejected within the zone and instead breaks above it, then the recent breakout was false and you can still long the pair within 1.1599-1.1499 with your ideal target at the key resistance line 1.2422.

Technical levels

Resistance levels

R1.1.1564

R2.1.1717

R3.1.1958

Pivot

1.1476

Support levels

S1.1.1324

S2.1.1235

S3.1.0995

Trade signal

Wait for a correction to zone 1.1599-1.1499 to short EUR/USD with your take profit at 1.0440 and stop loss slightly above 1.1599.

Do you know against which currencies EUR is the most profitable?

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