Remain flat temporarily. | 09 August 2018

09 August 2018, EUR/USD

Remain flat temporarily.

Technical observation

EUR/USD is rallying towards 1.1744-1.1721,I expect a bounce from the zone followed by bearish momentum of price towards 1.1509.Short the pair on the daily chart above within 1.1744-1.1721 with your take profit at 1.1509 and stop loss slightly above 1.1744.In case of a clear breakout above 1.1744 with a big green candle, wait for a correction to it to confirm bullish movement of price before you enter long positions but on the second retracement to the just broken zone just to ensure it is not a false breakout. Right now you can remain flat temporarily and wait for a correction to 1.1744-1.1721.

Technical levels

Resistance levels

R1.1.1599

R2.1.163

R3.1.1681

Pivot

1.162

Support levels

S1.1.1549

S2.1.1529

S3.1.1479

Trade signal

Remain flat temporarily

Do you know against which currencies EUR is the most profitable?

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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