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Remain flat temporarily.

Remain flat temporarily. | 01 May 2018

01 May 2018, EUR/USD

Remain flat temporarily.

Technical observation

Recently EURUSD broke down below a key support zone 1.2245-1.2192 and is still pretty much below it.I expect a retracement to the just broken zone followed by a rejection of price within or around it for possible bearish movement of price towards the support line 1.1931 and a possible breakout below it for a further decline in price towards the next support line 1.1727.I would advise you wait for a correction to 1.2245-1.2192 then sell EUR with your take profit at 1.1931 and stop loss around 1.2380.Right now you can remain flat temporarily as you wait for the retracement of price to 1.2245-1.2192.

Technical levels

Resistance levels

R1.1.2158

R2.1.2185

R3.1.2263

Pivot

1.2107

Support levels

S1.1.208

S2.1.2028

S3.1.195

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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