A good sell trade for position traders | 11 December 2017

11 December 2017, EUR/USD

A good sell trade for position traders
Technical Observation:
Eur is currently rallying around a key monthly resistance zone 1.2035-1.1744. Unless there's a clear breakout above this zone with a big green candle, this is a potential sell place for position traders. But if the price should breakout above 1.2035, then wait for a retracement to the just broken line then Buy Eur towards 1.4618. The idea is to look for a clear sell signal within this zone with an ideal take profit fixed at 0.8582. On the way downwards, the key lines to look for include 1.1434, 1.0503 and 0.9661. If these lines are broken, the I expect a decline towards 0.8582.
Technical Levels
Resistance levels
R1: 1.2015
R2: 1.2093
R3: 1.2321
Pivot
1.1765
Support Levels
S1: 1.1382
S2: 1.1645
S3: 1.1732
Trade Signal
Sell now towards 0.8582

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Imelda Maseno
Analyst of «FreshForex» company
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