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Short EUR/USD around 1.1993

17 May 2018, EUR/USD

Short EUR/USD around 1.1993

Technical observation

EUR/USD went down as predicted yesterday and Is currently pulling back to the resistance line 1.1993, I expect a rejection of it from the line for bearish momentum towards 1.1739 and a breakout below it for further bearish movements. I would advise you wait for the correction to 1.1993 then short EUR around it with your take profit at 1.1739 and stop loss around 1.2084.Remain short with EUR after a breakout below 1.1739.you can still short EUR within 1.2235-1.2192 in case price is corrected and is rejected within it.Buy positions can only be recommended in case of a clear breakout above 1.2235.

Technical levels

Resistance levels

R1.1.1976

R2.1.2011

R3.1.2088

Pivot

1.1937

Support levels

S1.1.1899

S2.1.1856

S3.1.1779

Trade signal

Wait for correction to 1.1993 to short EUR.

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Imelda Maseno
Analyst of «FreshForex» company
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