Remain flat temporarily. | 16 October 2018

16 October 2018, EUR/USD

Remain flat temporarily.

Technical observation

The pair on the 4hour chart above is rallying between a resistance zone 1.1655-1.1646 and a support 1.1533,I expect either a retracement to the zone and a rejection within it for bearish momentum of price, or a decline to the support followed by a clear breakout below it and a pullback to it for downwards momentum. Remain flat temporarily and wait for either to trade this pair. Should there be a clear breach above 1.1655-1.1646 with a big green candle, wait for a correction to it confirming possible bullish momentum of price before you pick long positions towards 1.1792 or even higher.

Technical levels

Resistance levels

R1.1.155

R2.1.1552

R3.1.1556

Pivot

1.1548

Support levels

S1.1.1545

S2.1.1543

S3.1.1539

Trade signal

Remain flat temporarily.

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Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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