23 January 2018, EUR/USD
Technical observation
While on an upward trend,EURUSD retraced to a support zone( 1.2215-1.2194) but could not penetrate below it.As long as this zone protects the lower side we expect possible buy positions along this zone. Right now we expect a thrush to the upper the upper side just that this move has not matured much. Were expecting price to retrace to the support zone( 1.2215-1.2194)to long this pair with an ultimate target at 1.2323 or even higher. As it is on the 4H chart above, we’re waiting for a bounce from ( 1.2215-1.2194) to long this pair with my stop loss at 1.2161 and take profit at 1.2323.
Technical levels
Resistance levels
R1.1.2271
R2.1.2284
R3.1.2306
Pivot
1.2263
Support levels
S1.1.225
S2.1.2241
S3.1.222
Trade signal
Wait for a bounce from(1.2215-1.2194) to long EUR with my stop loss at 1.2161 and take profit at 1.2323.