Waiting for pullbacks | 27 Julio 2017

27 Julio 2017, EUR/USD

Waiting for pullbacks

Technical Observation:

For the past 4 days, Eur has rose almost 80 pips the price it opened, I expect further rise in price towards the daily resistance line 1.2558 and even breakout. On the weekly chart above, upward rally is highly anticipated but its wise to wait for a pullback to the lower side to pick a long position. That is, conservative traders should wait for a minor bearish pullback towards the now support line 1.1459 to long Eur towards 1.2558. Short positions can only be considered in case of a reversal from 1.2558 or on a breakout below 1.1459, otherwise, I hold onto a bullish bias sentiment here.

Technical levels:

Resistance levels

R1: 1.1752

R2: 1.1842
R3: 1.20
Pivot
1.1593
Support Levels
S1: 1.1097
S2: 1.1345
S3: 1.1504
Trade Signal
Position traders should wait for minor pullbacks towards 1.1459 to long Eur towards 1.2558

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Imelda Maseno
Analyst of «FreshForex» company
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