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Wait for a breakout below 1.1866

Wait for a breakout below 1.1866 | 14 September 2017

14 September 2017, EUR/USD

Wait for a breakout below 1.1866
Technical Observations
Few days ago, there was a near double top formation around 1.2075. The price then plummeted and is currently approaching a key short term hourly support line set at 1.1866. I'm patiently waiting for a breakout below this support line, and then a pullback to the just broken line to pick a short position towards 1.1785. If this take profit is reached, then the price may plummet further with the next key support line being at 1.1707. As it is, its good to remain short temporarily and wait for this breakout to pick a short position.
Technical levels:
Resistance levels
R31.20298
R21.19713
R11.19400
Pivot
1.1862
Support Levels
S11.18502
S21.17917
S31.17604
Trade Signal
Wait for a breakout below 1.1866 to pick a short position towards 1.1785

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Imelda Maseno
Analyst of «FreshForex» company
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