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Remain flat

Remain flat | 07 June 2018

07 June 2018, EUR/USD

Remain flat

Technical observation

Yesterday EUR/USD broke above a resistance zone 1.1730-1.1692 with a big green candle and is currently rallying towards a resistance 1.1944, I expect a rejection of price from it for possible bearish momentum towards 1.1730, you can remain flat now and wait for the correction to 1.1944 and a rejection from it to short EUR as it will the second retracement to the line. The pair on a downward movement and so only short positions looks ideal and can be recommended. Short term traders can buy the pair towards the resistance 1.1944 in case price retraces to the just broken resistance zone and does not break below it.

Technical levels

Resistance levels

R1.1.1713

R2.1.1767

R3.1.1868

Pivot

1.1669

Support levels

S1.1.1611

S2.1.1563

S3.1.1461

Trade signal

Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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