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Long Euro towards 1.1448

Long Euro towards 1.1448 | 22 May 2017

22 May 2017, EUR/USD

Technical Observation:
Recently EUR has been rising but is currently approaching a key resistance line 1.1448. I expect a possible breakout above this resistance line and then a retracement to the just broken line to re-buy EUR towards 1.2766. Any rejection from 1.1448 will mean a bearish reversal; this being the case, I expect an move to the lower side. On the weekly chart above, I expect further rally to the upper side.
Technical levels:
Resistance levels

R1: 1.1155

R2: 1.1202

R3: 1.1289

Pivot Point

1.0777

Support Levels

S1: 1.0942

S2: 1.1029
S3: 1.1068
Trade Signal
Long Euro towards 1.1448

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Imelda Maseno
Analyst of «FreshForex» company
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