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Wait for a rejection from 1.1923

Wait for a rejection from 1.1923 | 06 September 2017

06 September 2017, EUR/USD

Wait for a rejection from 1.1923

Technical Observation:
For the past five trading days, Eur attempted to breakout above 1.1923 but failed to breakout above it. This is a key resistance line both on the lower and the higher time frames, and could act as a good sell place; thus, unless there's a clear breakout above it, I expect a rejection from this line to pick a short position towards 1.1837, on the way downwards, a supportive trend line and a horizontal support can be seen around 1.1877. According the hourly chart above, short positions seems more ideal, but if the price rises above 1.1923, then I may consider a buy position towards 1.1985.
Technical levels:
Resistance levels
R1: 1.1921
R2: 1.1934
R3: 1.1955
Pivot
1.1912
Support Levels
S1: 1.1869
S2: 1.189
S3: 1.19
Trade Signal
Remain short towards 1.1837.

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Imelda Maseno
Analyst of «FreshForex» company
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