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Wait for a retracement at the zone(1.1859-1.1844)

Wait for a retracement at the zone(1.1859-1.1844) | 11 Enero 2018

11 Enero 2018, EUR/USD

Wait for a retracement at the zone(1.1859-1.1844)

Technical observation

In the past two days on the daily chart above,EUR has declined steadily and is currently approaching a key zone (1.1859-1.1844),while the price is above this zone, I expect a rejection from it to pick long position towards 1.2073 or the price to move even higher. Should the price break below it then ill wait for a retracement to the just broken level to short EUR to short EUR towards 1.1583.My advice is you wait for a retracement to the zone then buy EUR within it with your take profit at 1.2073.On the way upwards the key line to look for is 1.2073.

Technical levels

Resistance levels

R1.1.2004

R2.1.2059

R3.1.2155

Pivot

1.1965

Support levels

S1.1.1909

S2.1.1868

S3.1.1773

Trade signal

wait for a retracement to the zone(1.1859-1.1844) then buy EUR within it with your take profit at 1.2073 and stop loss slightly below 1.1844

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Imelda Maseno
Analyst of «FreshForex» company
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