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Still a good sell for position traders.

Still a good sell for position traders. | 12 December 2017

12 December 2017, EUR/USD

Technical Observation:
After failing to breakout above the upper resistance trend line, Eur has been in a downward really and is still showing signs of falling even further. Yesterday, despite the bearish pin bar candle seen last Friday, Eur dropped drastically and needed up in an opposite pin bar. I expect further decline in price and should breakout below 1.1685 or even lower. As it on the daily chart above, only a short position can be advised, on the way downwards, the key lines to look for include 1.1550, and 1.1485, if these lines are breached, then I expect a sharp decline towards 1.1120.
Technical Levels
Resistance levels
R1: 1.2015
R2: 1.2093
R3: 1.2321
Pivot
1.1765
Support Levels
S1: 1.1382
S2: 1.1645
S3: 1.1732
Trade Signal
Still short with the very last take profit set at 0.8582

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Imelda Maseno
Analyst of «FreshForex» company
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