A Spike upwards | 24 July 2017

24 July 2017, EUR/USD

A Spike upwards

Technical Observation

Following the stagnation within the wide zone 1.1459-1.0520, past week, Eur spiked above this zone. This is a bullish signal, but instead of going long immediately, waiting for a bearish pullback to the just broken line to pick a long position is worth waiting for. The level 1.1459 is a key weekly resistance line and unless its clearly broken to the lower side with a big red candle, I'll be looking for a long position on a rejection from 1.1459. On the weekly chart above, I'm waiting for price to defend this break above 1.1459 to long Eur towards the next weekly resistance line 1.2558.

Technical levels:

Resistance levels

R1: 1.1523

R2: 1.1621

R3: 1.1895

Pivot

1.1350

Support Levels

S1: 1.0799

S2: 1.1073
S3: 1.1249
Trade Signal
Position traders should wait for a pullback towards 1.1459 to long Eur towards 1.2558

FreshForex cancels commissions!

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus