Wait for a correction to 1.1599-1.1520 | 16 July 2018

16 July 2018, EUR/USD

Wait for a correction to 1.1599-1.1520

Technical observation

EUR/USD broke up above a key resistance zone 1.1599-1.1520 with a big green candle. Price pulled back to it then rallied up to a resistance1.2422, it could not break up above it and was rejected, and it then pulled back to the support but could not break below it too then went up again. Right now it is pulling back to the zone for the third time and I expect a rejection of it form the zone for possible bullish movements of price towards 1.2422.In case of a break above 1.2422 with a big green candle, continue long with EUR after a correction to it towards 1.3469.Short positions may only be advisable below 1.1520.

Technical levels

Resistance levels

R1.1.1781

R2.1.1875

R3.1.2054

Pivot

1.1697

Support levels

S1.1.1603

S2.1.1518

S3.1.134

Trade signal

Wait for a correction to 1.1599-1.1520 to long EUR towards 1.2422.

Do you know against which currencies EUR is the most profitable?

Wait for a correction to 1.1599-1.1520

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Imelda Maseno
Analyst of «FreshForex» company
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