Remain flat | 08 June 2018

08 June 2018, EUR/USD

Remain flat

Technical observation

Yesterday, EUR/USD rose towards the resistance 1.1944 but did not reach it, I still expect a rise in price up to 1.1944 and rejection from it for possible bearish momentum towards the zone 1.1730-1.1692.In case there’s a clear breach below 1.1692 with a big red candle, wait for a correction to it then short the pair on the second retracement to the zone just to ensure it is not a false breakout. I would advise you remain flat right now and wait for the retracement to 1.1944 then short EUR around it with your take profit at 1.1730 and stop loss around 1.2042.On the chart above only short positions look ideal and can be advised.

Technical levels

Resistance levels

R1.1.1713

R2.1.1767

R3.1.1868

Pivot

1.1671

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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