Remain flat | 17 April 2018

Technical observation

On the daily chart above,EURUSD retraced at a key support zone 1.2243-1.2201 five times while on a upward trend. Currently price is rallying above the zone and I expect either a pull back to the zone or a rise in it towards the key line 1.2555 and a breakout above it.I would advise you remain flat and wait for either a correction to the zone and a rejection of price within or a round it, or wait for a breakout above 1.2555 followed by a correction to it to buy EUR.In case of a break out below (1.2243-1.2201),wait for a pullback to the broken zone and a rejection of price within it then sell EUR.

Technical levels

Resistance levels

R1.1.2369

R2.1.2406

R3.1.2485

Pivot

1.2334

Support levels

S1.1.2294

S2.1.2259

S3.1.214

Trade signal

Remain flat.