Remain short with a take profit at 1.1726 | 08 December 2017
08 December 2017, EUR/USD
Technical Observation:
My stop was taken out when price pulled back above 1.1805 yesterday. Despite this, Eur is still bearish and could continue to fall even during this trading day. Therefore, instead of looking for a long position, I'm only into short positions towards 1.1726. This downward rally is backed up by the fact that the daily chart is a bearish continuation candle and push the price further lower after breaking below 1.1726. As it is, only a short position can be advised. But if the price rise above the previous day's highest high, then a rise towards 1.1865 is expected.
Technical Levels
Resistance levels
R1: 1.2012
R2: 1.2094
R3: 1.2326
Pivot
1.1865
Support Levels
S1: 1.1399
S2: 1.1631
S3: 1.178
Trade Signal
Remain short with a take profit at 1.1726
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.
