08 August 2017, EUR/USD
Technical Observation
Following the breakout above the weekly resistance line 1.1459, Eur has been in a constant up trend but is currently slowing down on it's upward rally. I expect a slight pullback to the lower side probably towards the recently broken line 1.1459 to pick a long position. The line 1.1459 is a key support line and if price can pullback to this place, then this is the best place to long Eur towards 1.2554. If price declines below 1.1459, then I'll wait for a confirmation to pick a short position. Position traders should place a pending buy limit order around 1.1459.
Technical levels:
Resistance levels
R3:1.20687
R2:1.19900
R1:1.18804
Pivot
1.18017
Support Levels
S1:1.16921
S2:1.16134
S3: 1.15038
Trade Signal
Position traders should place a pending buy limit order around 1.1459.