Wait for retracements | 19 September 2017

19 September 2017, EUR/USD

Wait for retracements
Technical Observation:
After a breakout above 1.1876-1.1847, Eur pulled back to the same zone twice but failed to penetrade below it. I'm waiting for a third retracement to this zone to pick a long position towards 1.2200 or even higher. As it is, Eur is bullish, but waiting for a bearish retracement towards 1.1876-1.1847 is the best choice, thus, if you didn't go long on the second pullback to the just broken zone, you could wait for a third pullback to pick a long position towards 1.2200. On the way upwards, key lines can be seen around 1.1984, and 1.2069.
Technical levels:
Resistance levels
R1: 1.1988
R2: 1.203
R3: 1.2113
Pivot
1.1946
Support Levels
S1: 1.1779
S2: 1.1863
S3: 1.1905
Trade Signal
Wait and Buy Eur around 1.1876-1.1849 with your take profit at 1.2200

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Imelda Maseno
Analyst of «FreshForex» company
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