Attempting a break above 1.1444 | 12 July 2017

Technical Observation

Instead of a rejection from the weekly resistance line 1.1444, Eur is attempting a breakout above 1.1444. Unless the price the clearly close above 1.1444 by the end of this week, I expect a reversal from 1.1444 to short Eur towards 1.0520. On the weekly chart above, I'd remain flat temporarily and observe price rally around 1.1444, if price close below 1.1444 by the end of this week, then I'l short this pair with my stop loss above the recent weekly highest high, 1.1637, and take profit at 1.0520. If the price close above 1.1444, then this could a breakout, thus, I'll be much more intrested in long positions towards 1.2558.

Technical levels:

Resistance levels

R1: 1.1457