Wait for a pullback to rebuy | 13 March 2018

13 March 2018, EUR/USD

Wait for a pullback to rebuy

Technical observation

On the daily chart above,EURUSD went up a resistance zone with a big green candle, price then retraced to the zone thrice before rising up to a key line 1.2506 making it a key support zone .Right now, price is rallying above the zone towards it and I expect a possible rejection of it within or around the zone to buy EUR with my ideal target at 1.2506 and stop loss around 1.2069.In case there’s a clear beak out below 1.2151 with a big red candle, wait for a correction to it to confirm the price is moving down before you enter short position. Currently while the price is moving up, only long positions can be advised around (1.2183-1.2151).

Technical levels

Resistance levels

R1.1.2357

R2.1.2379

R3.1.2435

Pivot

1.2324

Support levels

S1.1.2302

S2.1.2268

S3.1.2213

Trade signal

Buy EUR within or around (1.2183-1.2151) with your take profit at 1.2506 and stop loss around 1.2069.

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Imelda Maseno
Analyst of «FreshForex» company
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