A breach above 1.1167 | 31 May 2017
31 May 2017, EUR/USD
Technical Observation
Recently, EUR rose above the resistance line 1.1167 but has currently retraced back to it. Unless this line is clearly breached to the lower side by a big red candle, I expect a rejection from this line to buy EUR towards 1.1248. On the Hourly chart above, buy positions seems more ideal and can be recommended towards 1.1248. Sell positions could be reconsidered below 1.1167 but only upon a clear breakout.
Technical levels:
Resistance levels
R1: 1.1174R2: 1.121
R3: 1.1265
Pivot Point
1.1154
Support Levels
S1: 1.1044S2: 1.1099
S3: 1.1119
Trade Signal
Long EUR towards 1.1248
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.
