Wait for retracements | 26 July 2017
26 July 2017, EUR/USD
Technical Observation
Since Monday this week, Eur has dropped just 2% the amount I expect it to drop by the end of this week. In the remaining few days' I expect a bearish dive towards the now support line 1.1459, where I've placed a pending buy limit order. If the price should break below, then I'll wait for a pullback to the just broken line to short Eur. On the weekly chart above, the expected drop in price is a retracement and mush not be sold, instead, a long positions should be looked for around 1.1459.
Technical levels:
Resistance levels
R1: 1.1523
R2: 1.1621
R3: 1.1895
Pivot
1.1352
Support Levels
S1: 1.0799
S2: 1.1073
S3: 1.1249
Trade Signal
Wait for a retracement towards 1.1459, then long Eur towards 1.12558
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.
