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Expect further decline towards 1.1167

Expect further decline towards 1.1167 | 26 May 2017

26 May 2017, EUR/USD

Expect further decline
Technical Observation
Since yesterday, EUR has consistently made lower lows but is yet to hit a significant support line 1.1167. I expect the current downward rally to be a third retracement towards 1.1162 to re-buy EUR towards 1.1243. On the Hourly chart above, I expect further decline towards the support line 1.1167 and a possible rejection from this line to re-buy EUR. My advice, wait for a rejection from 1.1167 then re-buy EUR towards 1.1243. A breakout will call for breakout trading towards 1.1113.
Technical levels:
Resistance levels
R1: 1.1205
R2: 1.1209
R3: 1.1216
Pivot Point
1.1202
Support Levels
S1: 1.1188
S2: 1.1195
S3: 1.1198
Trade Signal
Rebuy EUR upon a clear rejection from 1.1167 towards 1.1243.

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Imelda Maseno
Analyst of «FreshForex» company
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