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Wait for retracements

Wait for retracements | 26 July 2017

26 July 2017, EUR/USD

Wait for retracements

Technical Observation

Since Monday this week, Eur has dropped just 2% the amount I expect it to drop by the end of this week. In the remaining few days' I expect a bearish dive towards the now support line 1.1459, where I've placed a pending buy limit order. If the price should break below, then I'll wait for a pullback to the just broken line to short Eur. On the weekly chart above, the expected drop in price is a retracement and mush not be sold, instead, a long positions should be looked for around 1.1459.

Technical levels:

Resistance levels

R1: 1.1523

R2: 1.1621

R3: 1.1895

Pivot

1.1352

Support Levels

S1: 1.0799

S2: 1.1073
S3: 1.1249
Trade Signal
Wait for a retracement towards 1.1459, then long Eur towards 1.12558

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Imelda Maseno
Analyst of «FreshForex» company
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