Wait for bearish retracements | 08 Agosto 2017

08 Agosto 2017, EUR/USD

Wait for bearish retracements

Technical Observation

Following the breakout above the weekly resistance line 1.1459, Eur has been in a constant up trend but is currently slowing down on it's upward rally. I expect a slight pullback to the lower side probably towards the recently broken line 1.1459 to pick a long position. The line 1.1459 is a key support line and if price can pullback to this place, then this is the best place to long Eur towards 1.2554. If price declines below 1.1459, then I'll wait for a confirmation to pick a short position. Position traders should place a pending buy limit order around 1.1459.

Technical levels:

Resistance levels

R3:1.20687

R2:1.19900

R1:1.18804

Pivot

1.18017

Support Levels

S1:1.16921

S2:1.16134

S3: 1.15038

Trade Signal

Position traders should place a pending buy limit order around 1.1459.

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Imelda Maseno
Analyst of «FreshForex» company
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