Watch for retracement towards 1.1459. | 11 August 2017

Technical Observation

The most important reference points in this pair includes 1.1459, 1.1616 and 1.1714. If the price can break below the first important reference point 1.1459, I expect a decline to the lower side probably towards 1.0520. A rejection from either 1.1714, 1.1616, or 1.1459 will call for a long position with a take profit fixed at 1.2558. On the weekly chart above, I still expect a bearish retracement towards the support line 1.1459 to pick a long position towards 1.2558. With this position, you stop loss should be slightly below 1.3111.

Technical levels:

Resistance levels

R3:1.18832

R2:1.18341

R1:1.18021

Pivot

1.17530

Support Levels

S1:1.17210

S2:1.16719

S3:1.16399

Trade Signal

Watch for retracement towards 1.1459.