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Short Eur around 1.1822 towards 1.1720

Short Eur around 1.1822 towards 1.1720 | 14 August 2017

14 August 2017, EUR/USD

Short Eur around 1.1822 towards 1.1720

Technical Observation

On 4th of this month, Eur broke out below the rising channel with a big candle, Continued short to as low as 1.1687 but closed at 1.1822 buy Friday the 10th. the line 1.1822 is a key resistance line and unless it is broken with a big green candle, I expect a bounce from this line to pick a short position towards 1.1720. If 1.1720 is broken, then the price could plummet further towards 1.1615. On the other side, if 1.1822 is broken, then a rise towards 1.1883 may carry the day. On the 4 hour chart above, short positions still look more ideal and can safely be recommended.

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

Short Eur around 1.1822 towards 1.1720.

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Imelda Maseno
Analyst of «FreshForex» company
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