Wait for a close within (1.2265-1.2244) | 27 February 2018

Technical observation

In the recent past, EURUSD broke above a resistance zone (1.2265-1.2244), it rallied higher but was pulled back to the same zone twice .As long as this zone contains the price above it, we expect a possible bullish momentum towards 1.2505 and should breakout even higher. As it is on the daily chart above, should price close within (1.2265-1.2244), we’ll be looking for a low risk buy position with an ultimate target at 1.2505.If price closes below 1.2244, then I expect a decline towards 1.1955.In case of the breakout wait for a retracement to confirm bearish movement of price before you enter short positions towards 1.1955 or even lower to 1.1712.

Technical levels

Resistance levels

R1.1.2369

R2.1.2407

R3.1.25

Pivot

1.2314

Support levels

S1.1.2276

S2.1.2221

S3.1.2128

Trade signal

Wait for a close within (1.2265-1.2244) to buy this pair with an ultimate target tat 1.2505 or even higher.