Wait for retracements to buy Eur | 21 July 2017
21 July 2017, EUR/USD
Technical Observations
From the weekly point of view, Eur has just broken a key resistance line 1.1459 and unless there's a clear bearish breach below this line, I expect a rise towards 1.2558. However, this position should not be executed just now, instead, conservative traders should wait for a pullback towards the just broken line 1.1459 to re-buy Eur towards 1.2558. Moreover, the price is way above it's weekly pivot line and may continue upwards . My advice, wait for a bearish retraction towards 1.149 to long eur towards 1.2558.
Technical levels:
Resistance levels
R1: 1.1701
R2: 1.177
R3: 1.1949
Pivot
1.1443
Support Levels
S1: 1.1231
S2: 1.1411
S3: 1.1522
Trade Signal
Day traders should wait and buy Eur around 1.1459 towards 1.2558.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
