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Remain short

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.

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Remain short

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Imelda Maseno
Analyst of «FreshForex» company
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