Looking for a clear buy signal | 31 August 2017
31 August 2017, EUR/USD
Technical Observation:
After a rejection from the upper trend line acting as the top to the rising Andrew's Pitch fork, Eur rallied lower but is currently approaching the median line. Unless this line is clearly breached to the lower side with a big red candle, I remain hesitant to short Eur, instead, I'm patiently waiting for a rejection from this median line to pick a long position towards 1.22. On the way upwards, key lines to check for include 1.1993, and 1.2077. If these lines are broken to the upper side , then these will act as a confirmation that the price may rise towards 1.220.
Technical levels:
Resistance levels
R31.21703
R21.21204
R11.20458
Pivot
1.19245
Support Levels
S11.19213
S21.18714
S31.17968
Trade Signal
Wait and Long Eur upon a rejection from the median line towards 1.22.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
