Retracing | 10 August 2017

10 August 2017, EUR/USD

Technical Observation

Eur recovered slightly to the upper side but is still showing signs it could retrace lower side. This week, and the next few weeks, I expect a sharp bearish retracements towards 1.1459. According to the weekly chart above, 1.1459 is a key weekly support line and unless its clearly breached to the lower side with a big red candle, I expect a rejection from this line to long Eur towards 1.2558. That said, position traders can place a pending buy limit order around 1.1459 with a stop loss slightly below 1.1311.

Technical levels: Resistance levels

R31.20687

R21.19900

R11.18804

Pivot

1.18017

Support Levels

S11.16921

S21.16134

S31.15038

Trade Signal

Place a pending Buy limit order around 1.1459 with a stop loss below 1.1311 and take profit at 1.2558.

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Imelda Maseno
Analyst of «FreshForex» company
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