Wait for a pullback towards 1.1454 | 28 July 2017

28 July 2017, EUR/USD

Wait for a pullback towards 1.1454

Technical Observation:

Recently, Eur pulled back lower and is still showing signs that it could plunge even further lower. This downward rally is a retracement phase of the previous rise in price towards 1.1454 where I've placed a pending buy limit order. Unless 1.1454 is clearly breached to the lower side with a big red candle, I expect a rejection from the weekly support line 1.1454 to pick a long positions towards the next key resistance line 1.2491. On the weekly chart above, long positions still looks ideal and can be recommended only if the price can retrace back to 1.1454.

Technical levels:

Resistance levels

R1: 1.1752

R2: 1.1842
R3: 1.20
Pivot
1.1595
Support Levels
S1: 1.1097
S2: 1.1345
S3: 1.1504
Trade Signal
Day traders should wait for price top pullback to 1.1454, then pick a long position towards 1.2491

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Imelda Maseno
Analyst of «FreshForex» company
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