27 July 2017, EUR/USD
Technical Observation:
For the past 4 days, Eur has rose almost 80 pips the price it opened, I expect further rise in price towards the daily resistance line 1.2558 and even breakout. On the weekly chart above, upward rally is highly anticipated but its wise to wait for a pullback to the lower side to pick a long position. That is, conservative traders should wait for a minor bearish pullback towards the now support line 1.1459 to long Eur towards 1.2558. Short positions can only be considered in case of a reversal from 1.2558 or on a breakout below 1.1459, otherwise, I hold onto a bullish bias sentiment here.
Technical levels:
Resistance levels
R1: 1.1752