Wait for a break above 1.2508 | 05 February 2018

Technical Observation:

Eur is currently trading with an increasing bullish momentum. For almost two months, this pair has been rallying up wards but is currently approaching a key resistance level 1.2508. Unless a clear breakout above this weekly resistance is seen, I expect a bounce from it to pick a short position, while if the price should break above, then I expect a surge towards 1.3665 or even higher. As it is on the weekly chart, its good to remain flat and wait for a break above 1.2508 to pick a long position towards 1.3665.

Technical Levels

Resistance levels

R1: 1.2542 R2: 1.2627 R3: 1.2816 Pivot

1.2438

Support Levels

S1: 1.2061 S2: 1.225 S3: 1.2353

Trade Signal Wait for a break above 1.2508 to pick a long position towards 1.3665