Wait and short EUR around 1.1167 | 16 June 2017
16 June 2017, EUR/USD
Technical Observation
Following the false breakout above 1.1224, EUR dropped almost 100 pips and could still fall today. The current upward consolidation is a retracement in form of a flag and is not good to be bought, instead, I'm waiting for a breakout below this flag to short EUR towards 1.1082. On the hourly chart above, the current upward consolidations to rise towards 1.1167, thus, as a conservative trader, you could place a pending sell limit order around 1.1167 just in case the price retrace back to this resistance line.
Technical levels:
Resistance levels
R1: 1.1157
R2: 1.1157
R3: 1.1168
Pivot Point
1.1151
Support Levels
S1: 1.1135
S2: 1.1143
S3: 1.1147
Trade Signal
Short EUR around 1.1167 towards 1.1082
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.
