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We're long towards 1.1320

We're long towards 1.1320 | 17 April 2019

17 April 2019, EUR/USD

We're long towards 1.1320

Technical observation

On the hourly chart above, price was rejected within a supportive zone 1.1283-1.1280 today at 1 am and since then it has been rising steadily towards a key level 1.1320, I expect a rejection at the line followed by a correction to 1.1283-1.1280 to re-buy EUR. In case you bought EUR within 1.1283-1.1280 after a bounce, hold on to that position with your take profit at 1.1320 and stop loss at 1.1267, but if you had not bought it yet, wait for another retracement to 1.1283-1.1280 and a rejection within it to buy. Should there be a clear breakout below 1.1283-1.1280 with a big red candle, downward movements of EUR can be expected.

Trade recommendation

Remain long with your take profit at 1.1320 and stop loss at 1.1267.

Imelda Maseno
Analyst of «FreshForex» company
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