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Remain short with a take profit at 1.1620

Remain short with a take profit at 1.1620 | 13 December 2017

13 December 2017, EUR/USD

Technical Observation:
Eur continues to decline in value and is still bearish both on the daily and the weekly chart. Today, I expect further decline towards 1.1620 and if the price breaks below 1.1450, then the price should continue to decline further towards 1.0475. As it is on the weekly chart above, only a short position looks more ideal and can be advised towards 1.1620. A rebound from 1.1620 will can for a long position with the first take profit at 1.2005 and the next at 1.2665.
Technical Levels
Resistance levels
R1: 1.2015
R2: 1.2093
R3: 1.2321
Pivot
1.1745
Support Levels
S1: 1.1382
S2: 1.1645
S3: 1.1732
Trade Signal
Remain short with a take profit at 1.1620

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Imelda Maseno
Analyst of «FreshForex» company
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