Technical analysis based on breakouts

FreshForex_company

Junior member
11 0
Technical observation
EUR is rallying below a resistance zone 1.1537-1.1473, my expectation is a rejection of it within the zone for possible bearish price rally towards the support 1.0789 and a breakout below it for a further decline in price. You can remain flat temporarily and wait for the rejection within the above mentioned zone to pick short positions with your take profit at 1.0789 and stop loss at 1.1815. In case of a breakout below 1.0789, wait for a confirmation of further bearish price rally before you continue short with this pair. Should there be a clear penetration above 1.1537-1.1473 then bullish price rally will be anticipated towards the level 1.2454.
Trade recommendation
Remain flat temporarily.
 

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