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Attempting a break above 1.1444

Attempting a break above 1.1444 | 12 July 2017

12 July 2017, EUR/USD

Attempting a break above 1.1444

Technical Observation

Instead of a rejection from the weekly resistance line 1.1444, Eur is attempting a breakout above 1.1444. Unless the price the clearly close above 1.1444 by the end of this week, I expect a reversal from 1.1444 to short Eur towards 1.0520. On the weekly chart above, I'd remain flat temporarily and observe price rally around 1.1444, if price close below 1.1444 by the end of this week, then I'l short this pair with my stop loss above the recent weekly highest high, 1.1637, and take profit at 1.0520. If the price close above 1.1444, then this could a breakout, thus, I'll be much more intrested in long positions towards 1.2558.

Technical levels:

Resistance levels

R1: 1.1457

R2: 1.1513
R3: 1.164
Pivot
1.1385
Support Levels
S1: 1.1129
S2: 1.1257
S3: 1.1329
Trade Signal
Flat

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Imelda Maseno
Analyst of «FreshForex» company
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