Long EUR towards 1.1141 | 16 May 2017
16 May 2017, EUR/USD
Technical Observation
Recently, EUR rose above the resistance line 1.0948 but is slightly below its daily pivot line 1.0966. This is a clear breakout but rather than going long, conservative traders should wait for retracements towards the just broken resistance line 1.0966 to long EUR towards 1.11. On the 4 Hour chart above, buy positions are recommended upon bearish retracements towards 1.0948. My advice, wait and long EUR around 1.0948 with your TP fixed at 1.1141 Technical levels:
Resistance levels
R1: 1.1005R2: 1.1029
R3: 1.1093
Pivot Point
1.0966
Support Levels
S1: 1.0838S2: 1.0902
S3: 1.0942
Trade Signal
Long EUR towards 1.1141
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.
