Long EUR towards 1.0949 | 04 May 2017
04 May 2017, EUR/USD
Technical Observation:
Recently, EUR has been trading on the sideways and is still contained within the ascendance wedge. On the 4 Hour chart above I except a clear rejection from the support trend line to long EUR towards 1.0948, a clear breakout above this resistance line will push the price further to the upper side but only after retracements to the just broken line. A break below this support trend line may push the price further towards 1.0841 from where I have a pending buy limit order.
Technical levels:
Resistance levels
R2: 1.0954
R3: 1.1006
Pivot Point
1.0901
Support Levels
S1: 1.0795S2: 1.0848
S3: 1.0866
Trade Signal
Long EUR towards 1.0949
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
