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Waiting for a close below 1.1444

Waiting for a close below 1.1444 | 13 July 2017

13 July 2017, EUR/USD

Waiting for a close below 1.1444

Technical Observation

Recently, the price spiked above the weekly resistance line 1.1444 but is showing signs that it could below it by the end of this week. Unless the price close above this resistance line, I expect a rejection from this line to short Eur towards my take profit 1.0520. If 1.1444 is broken to the upper side, then I'll wait for a pullback to the just broken line to long Eur towards 1.2558. A breakout above 1.1444 will mark a breach above a key weekly resistance line and while the price remains above 1.444 I remain bullish. On the weekly chart above, sell positions seems more ideal especially if the price can close below 1.1444 by the end of this week.In the meantime, I'd remain flat and wait for a short trade next week if price close below 1.1444 by the end of this week.

Technical levels:

Resistance levels

R1: 1.1457

R2: 1.1513
R3: 1.164
Pivot
1.1389
Support Levels
S1: 1.1129
S2: 1.1257
S3: 1.1329
Trade Signal
Flat

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Imelda Maseno
Analyst of «FreshForex» company
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