Long USD towards 117.01 | 08 May 2017

Technical Observation

Recently, USD gaped higher and broke above a short term resistance line 111.37. This pair is currently trading above its daily pivot 112.48, and unless there’s a clear bearish breach below this pivot, I expect a bullish move towards 115.08 and could extent higher to 117.01. On the weekly chart, I expect a positive move to the upper side towards 117.03-118.66. This zone is a potential sell place in the future as long as there's no clear bullish breach above it. Technical levels:

Resistance levels

R1:112.61

R2:112.73

R3: 112.94

Pivot Point

112.56

Support Levels

S1: 110.93

S2: 111.71

S3: 112.19

Trade Signal Long USD towards 117.01