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Remain flat temporarily.

Remain flat temporarily. | 11 May 2018

11 May 2018, EUR/USD

Remain flat temporarily.

Technical observation

EUR/USD is still pulling back to the resistance line 1.1990 and I expect a rejection of it from the line for possible bearish momentum towards the support line 1.1739.I would advise you remain flat temporarily and wait for the rejection of price at 1.1990 to sell EUR/USD with your take profit at 1.1739.You can also short EUR around 1.2235-1.2192 in case price goes above 1.1990 then gets rejected within the zone. On the daily chart above, only short positions look ideal and can be advised towards 1.1739.Long positions can only be ideal in case there’s a clear breach above 1.2235 with a big green candle.

Technical levels

Resistance levels

R1.1.2014

R2.1.2042

R3.1.2102

Pivot

1.1986

Support levels

S1.1.1954

S2.1.1922

S3.1.1862

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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