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Look for short positions towards 1.1459.

Look for short positions towards 1.1459. | 09 August 2017

09 August 2017, EUR/USD

Look for short positions towards 1.1459.

Technical Observation

For the past few days, Eur declined in price and could still decline even further. This decline in price is a retracment to the lowerside towards the just broken weekly resistance line 1.1459. That said, I expect a decline in price and I've placed a pending buy limit order around 1.1459, with a stop loss slightly below 1.1311 and take profit still fixed at 1.2558. On the weekly chart above, sell positions still look more ideal epecially towards 1.1459, if this line can be broken, then I expect further decline towards 1.0520.

Technical levels:

Resistance levels

R1: 1.1882

R2: 1.199
R3: 1.2178
Pivot
1.1802
Support Levels
S1: 1.1427
S2: 1.1615
S3: 1.1694
Trade Signal
Look for short positions towards 1.1459.

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Imelda Maseno
Analyst of «FreshForex» company
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