Still very bullish | 07 August 2017

After rising almost 300 pips last week, Eur dropped almost 95% the value it gained by Friday. This is a sign that bears are are coming in , and could signal the beginning of a pullback to the lower side. Thus, this week, I expect a decline in price towards the weekly support line 1.1459 from where I've placed a pending Buy limit order. From the weekly chart above, buyers may still be in control but their strength is diminishing. I expect a major pullback towards 1.1459 where I'll be looking for a long positions. At the moment, I cannot advocate for any short positions, I'm only interested in long positions, however, if the price breaks below 1.1459, then I may consider a short position.

Technical levels:

Resistance levels

R1: 1.1523

R2: 1.1621

R3: 1.1895

Pivot

1.1358

Support Levels

S1: 1.0799