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Remain flat temporarily.

Remain flat temporarily. | 21 June 2018

21 June 2018, EUR/USD

Remain flat temporarily.

Technical observation

On the daily chart above,EUR/USD is on a downward trend, price retraced at a resistance zone 1.1830-1.1802 thrice before rallying down towards a support 1.1568.Yesterday it did not break below but today’s candle is showing signs of breaching below it. I expect a clear breakout below 1.1568 with a big red candle followed by a correction to it for possible bearish momentum towards the support 1.1340 and a possible breakout below it too for a further decline in price towards 1.1136.I would advise you remain flat temporarily and wait for the breakout below 1.1568 and a correction to it to short EUR/USD.

Technical levels

Resistance levels

R1.1.1643

R2.1.1665

R3.1.1725

Pivot

1.1604

Support levels

S1.1.1583

S2.1.1544

S3.1.1484

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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