Long EUR towards 1.1141 | 16 May 2017

16 May 2017, EUR/USD

Long EUR towards 1.1141
Technical Observation
Recently, EUR rose above the resistance line 1.0948 but is slightly below its daily pivot line 1.0966. This is a clear breakout but rather than going long, conservative traders should wait for retracements towards the just broken resistance line 1.0966 to long EUR towards 1.11. On the 4 Hour chart above, buy positions are recommended upon bearish retracements towards 1.0948. My advice, wait and long EUR around 1.0948 with your TP fixed at 1.1141 Technical levels:
Resistance levels
R1: 1.1005
R2: 1.1029
R3: 1.1093
Pivot Point
1.0966
Support Levels
S1: 1.0838
S2: 1.0902
S3: 1.0942
Trade Signal
Long EUR towards 1.1141

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Imelda Maseno
Analyst of «FreshForex» company
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