Short | 21 December 2017
21 December 2017, EUR/USD
Technical Observation:
After a tremendous rise to the upper side, Eur is currently rallying within a falling channel formation. This is a flag formation and could signal an increase in the previous dominating up trend. If the price can breakout above the upper trend line, then this will be another good place to pick long position towards 1.22. As it is, I expect a decline in price towards the lower trend line and then a bounce to pick a long position. If the price breaks out below the lower trend line, then I expect a decline towards 1.1200.
Technical Levels
Resistance levels
R1: 1.1859
R2: 1.1943
R3: 1.2092
Pivot
1.1862
Support Levels
S1: 1.1496
S2: 1.1645
S3: 1.171
Trade Signal
Sell now towards the lower trendlne
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.
