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Long EUR towards 1.0949

Long EUR towards 1.0949 | 04 May 2017

04 May 2017, EUR/USD

Technical Observation:
Recently, EUR has been trading on the sideways and is still contained within the ascendance wedge. On the 4 Hour chart above I except a clear rejection from the support trend line to long EUR towards 1.0948, a clear breakout above this resistance line will push the price further to the upper side but only after retracements to the just broken line. A break below this support trend line may push the price further towards 1.0841 from where I have a pending buy limit order.
Technical levels:
Resistance levels
R1: 1.0919
R2: 1.0954
R3: 1.1006
Pivot Point
1.0901
Support Levels
S1: 1.0795
S2: 1.0848
S3: 1.0866
Trade Signal
Long EUR towards 1.0949

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Imelda Maseno
Analyst of «FreshForex» company
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