Pullbacks | 02 August 2017
02 August 2017, EUR/USD
Technical Observations
Eur is currently trading with a diminishing upward momentum. I'm waiting for bearish pullbacks anytime from now, however, Eur may rise even higher towards 1.1916, where I expect a rejection. A key support line can be seen around 1.1659; from the weekly chart above, this is the ideal place for position traders to long Eur with a stop loss below 1.1354 and take profit at 1.2558. That said, although I'm good to look for long positions even now, I choose to place a pending buy limit order at 1.1459, just in case the price comes back to this place.
Technical levels:
Resistance levels
R1: 1.1813
R2: 1.1878
R3: 1.2042
Pivot
1.1714
Support Levels
S1: 1.1384
S2: 1.1548
S3: 1.1649
Trade Signal
Place a pending buy limit order around 1.1459.
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.
