On the weekly chart above, Eur continues to consolidate within a tight range not going above 1.2070 or below 1.1810. I’m patiently waiting for a clear break above this range to pick a long position towards 1.2490, or a breakout below 1.1810 to catch a retracement rally towards 1.1490. If fail to catch this retracement, you could wait for a rejection from 1.1490 to pick a long position with you take profit at 1.2490. As it is, Eur is still bullish and a breakout above 1.2070 is likely to be witnessed towards 1.2490. Thus, I’ll focus mainly on buy positions but if a breach below 1.1810 is seen, then I’ll switch focus to short positions towards 1.1490.
Technical levels:
Resistance levels
R1: 1.2038
R1:1.213
R3: 1.2322
Pivot
1.1938
Support Levels
S1: 1.1554
S2: 1.1746
S3: 1.1846
Trade Signal:
Wait for either a breakout above 1.2070 to pick a long position towards 1.2490, while a breakout below 1.1810 to pick a short position towards 1.1490.
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