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Wait for a break below 1.1718 to short Eur towards 1.1478

Wait for a break below 1.1718 to short Eur towards 1.1478 | 22 August 2017

22 August 2017, EUR/USD

Wait for a break below 1.1718 to short Eur towards 1.1478
Technical Observation
Since last week, Eur is still hesitant to retrace towards my buy line 1.1478. If the price can get to this line this week, then this will be a good place to long Eur, however as it, Eur could either rise towards 1.2543, or continue to consolidate towards 1.1478, where I've placed a pending buy limit order. ON the weekly chart above, I still expect a drop in price especially if the line 1.1718 can be broken to the lower side. My advice, watch for a break below 1.1718 to short Eur towards 1.1478. Further short positions can also be considered below 1.1478 towards 1.0495.
Technical levels:
Resistance levels
R3:1.1875
R2:1.1841
R1:1.1842
Pivot
1.1745
Support Levels
S1:1.1731
S2:1.1682
S3:1.1650
Trade Signal
Wait for a break below 1.1718 to short Eur towards 1.1478

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Imelda Maseno
Analyst of «FreshForex» company
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