Successful breakout above 1.06800 | 19 April 2017

Technical Observation: After a successful breakout above 1.0697, Euro should retrace to the just broken equilibrium zone 1.0697-1.0677, where we've placed a pending buy limit. From the Hourly chart, there's a short term bearish trend developing and must not breach 1.0677. With that in mind, my advice is to hold onto previous buy position; alternatively, conservative traders could wait for a bounce from the equilibrium zone, mentioned above to execute buy orders (shown above). In an alternative case scenario, should price descend below 1.0677, we may be tempted to short Euro Towards 1.05.

Technical levels:

Resistance levels

R1: 1.067

R2: 1.0698

R3: 1.0754

Pivot Point

1.0642

Support Levels

S1: 1.0531

S2: 1.0587

S3: 1.0614

Trade Signal

Long Euro from 1.0697-1.0677 towards 1.08