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Remain flat

Remain flat | 03 July 2018

03 July 2018, EUR/USD

Remain flat

Technical observation

EUR/USD is trading on a downward trend. After breaching below a support 1.1861-1.1830,it retraced to it thrice before moving down to a supportive line 1.1513.It could not break below it and so was rejected and is currently rallying between the line and the zone 1.1861-1.1830.I expect a correction of price to the zone and a rejection of it within it for possible bearish momentum towards 1.1513,I also expect a possible breakout below 1.1513 for a further decline in price towards 1.1342.Right now I’m flat waiting for the pullback to 1.1861-1.1830 and a rejection of price within to short EUR/USD with my ideal target at 1.1513.

Technical levels

Resistance levels

R1.1.1734

R2.1.1766

R3.1.1851

Pivot

1.1681

Support levels

S1.1.1649

S2.1.1596

S3.1.1511

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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