Remain short | 18 July 2018

18 July 2018, EUR/USD

Remain short

Technical observation

In the recent times EUR/USD established a resistance zone 1.1742-1.1716 and is still below it.On Monday ,EUR pulled back significantly to the upper side but still below 1.1716.It could not breach above the zone hence a loss of the bullish momentum around the mentioned zone followed by downwards movements of price. If you sold this pair within 1.1742-1.1716 yesterday remain short with your ideal target set at 1.1520 and stop loss slightly above 1.1742,if you had not sold it yet, wait for a pullback to the zone to sell. I expect a rally to the support 1.1520 and a breakout below it for a further decline in price towards 1.1339.

Technical levels

Resistance levels

R1.1.1712

R2.1.1738

R3.1.1813

Pivot

1.1664

Support levels

S1.1.1637

S2.1.1587

S3.1.1512

Trade signal

Remain short.

Do you know against which currencies EUR is the most profitable?

Remain short

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Imelda Maseno
Analyst of «FreshForex» company
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