Wait and buy Eur around 1.1422 towards 1.1503. | 21 August 2017

Technical Obsevervation

Recently, Eur entered into a converging wedge formation and is still rallying with it. I expect a rejection from the upper trend line, acting as the resistance to the converging wedge, to pick a short position towards 1.1422. This is a key support line and will require a great deal of force to breakout below, thus, I expect a rejection from this line to buy Eur towards 1.1883, however, if this support (1.1422) can be broken with a big red candle, then I’ll look for a short position towards 1.1503. My advice, short Eur along the upper trendline towards 1.1422. Alternatively, you could wait and buy Eur upon a rejection from 1.1422.

Technical levels:

Resistance levels

R3:1.1885

R2:1.1845

R1:1.1850

Pivot

1.1750

Support Levels

S1:1.1732

S2:1.1683

S3:1.1651

Trade Signal

Wait and buy Eur around 1.1422 towards 1.1503.