Wait for a rejection from 1.1923 | 06 September 2017
06 September 2017, EUR/USD
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.
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.
