We're short | 01 August 2018

01 August 2018, EUR/USD

We're short

Technical observation

On the daily chart above,EUR/USD has been trading on a downward movement with several retracements on the key resistance zone 1.1744-1.1721.Recently price bounced from the zone then went down yesterday and is still rallying down. I expect a decline in price towards the support 1.1509 and a breach below it for a further decline in EUR towards 1.1337.If you sold the pair yesterday within the zone, remain short with your ideal target at 1.1509 and stop loss slightly above 1.1744.In case of a breach below 1.1509, wait for a pullback to it then continue short with the pair. Only short positions are advisable on the chart above.

Technical levels

Resistance levels

R1.1.1728

R2.1.1768

R3.1.1831

Pivot

1.1706

Support levels

S1.1.1665

S2.1.1643

S3.1.158

Trade signal

Remain short.

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

We're short

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Imelda Maseno
Analyst of «FreshForex» company
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