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Waiting for a breakout below 1.3512

Waiting for a breakout below 1.3512 | 20 July 2017

20 July 2017, EUR/USD

Waiting for a breakout below 1.3512

Technical Observations

Earlier this week, Eur rallied hard upwards and posted a fresh weekly highs at 1.1590 where the price got capped. On the hourly chart above, there's a likelihood that the current chart set up is head and shoulder formation, with the resistance line 1.1586 being the head, I'm waiting for a breakout below the neckline to short Eur towards the hourly support line 1.1440. A breakout below this support line will push the price further downwards towards 1.1.1320. The line 1.1586 is a key resistance line and if price can pullback to it, then this will be a good place to short Eur, however, if its broken, then I expect spiked towards 1.2558.

Technical levels:

Resistance levels

R1: 1.1541

R2: 1.1563
R3: 1.1601
Pivot
1.1525
Support Levels
S1: 1.1449
S2: 1.1487
S3: 1.1503
Trade Signal
Wait for a breakout below 1.3512 to short Eur towards 1.1440

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Imelda Maseno
Analyst of «FreshForex» company
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