10 August 2017, EUR/USD
Technical Observation
Eur recovered slightly to the upper side but is still showing signs it could retrace lower side. This week, and the next few weeks, I expect a sharp bearish retracements towards 1.1459. According to the weekly chart above, 1.1459 is a key weekly support line and unless its clearly breached to the lower side with a big red candle, I expect a rejection from this line to long Eur towards 1.2558. That said, position traders can place a pending buy limit order around 1.1459 with a stop loss slightly below 1.1311.
Technical levels: Resistance levels
R31.20687
R21.19900
R11.18804
Pivot
1.18017
Support Levels
S11.16921
S21.16134
S31.15038
Trade Signal
Place a pending Buy limit order around 1.1459 with a stop loss below 1.1311 and take profit at 1.2558.