A Spike upwards | 24 July 2017

Following the stagnation within the wide zone 1.1459-1.0520, past week, Eur spiked above this zone. This is a bullish signal, but instead of going long immediately, waiting for a bearish pullback to the just broken line to pick a long position is worth waiting for. The level 1.1459 is a key weekly resistance line and unless its clearly broken to the lower side with a big red candle, I'll be looking for a long position on a rejection from 1.1459. On the weekly chart above, I'm waiting for price to defend this break above 1.1459 to long Eur towards the next weekly resistance line 1.2558.

Technical levels:

Resistance levels

R1: 1.1523

R2: 1.1621

R3: 1.1895

Pivot

1.1350

Support Levels

S1: 1.0799