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Waiting for retracements towards 1.1459

Waiting for retracements towards 1.1459 | 18 July 2017

18 July 2017, EUR/USD

Waiting for retracements towards 1.1459

Technical Observations

Earlier today, Eur spiked higher following a bullish pin bar seen yesterday on the daily chart. I expect further rise upwards especially while the price remains above 1.1459, only a pullback below 1.1459 will call for a short a position, but as it is, I can only advocate for long positions. So far this week, Eur has remained above it's weekly pivot line 1.1443, and unless this pivot line is clearly broken with a red candle, I hold onto a bullish bias sentiment. On the weekly chart, I still expect a rise this week, then a retracement towards 1.1459 to long Eur towards 1.2558. A key resistance line can be seen around 1.1615 and 1.1721, if the price can clearly break above these two, then this will be a confirmation that price could rise towards 1.2558.

Technical levels:

Resistance levels

R1: 1.1515

R2: 1.1562
R3: 1.1681
Pivot
1.1443
Support Levels
S1: 1.1204
S2: 1.1323
S3: 1.1395
Trade Signal
Wait for a bearish retracement towards 1.1459 to buy Eur towards 1.2558

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Imelda Maseno
Analyst of «FreshForex» company
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