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Wait for a breakout above 1.2323

Wait for a breakout above 1.2323 | 24 January 2018

24 January 2018, EUR/USD

Wait for a breakout above 1.2323

Technical observation

Previously on the 4H chart above, EUR retraced at a support zone (1.2216-1.2200) but Yesterday it failed to pull back to the zone and instead rose massively towards a key resistance line 1.2323,I expect price to break above the line then correct to it and continue further up.incase price gets rejected at 1.2323 I would advise you short EUR but not for long up to the support zone (1.2216-1.2200),if this support zone is broken, then I would advise you wait for a pull back to the just broken zone before you enter long position. Right now I will advise you wait for a breakout above 1.2323 and a retracement to it then buy EUR.

Technical levels

Resistance levels

R1.1.2271

R2.1.2284

R3.1.2306

Pivot

1.2265

Support levels

S1.1.225

S2.1.2241

S3.1.222

Trade signal

Wait for a breakout above 1.2323 and a retracement to it then buy EUR towards 1.2370 and stop loss at 1.2280

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Imelda Maseno
Analyst of «FreshForex» company
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