Wait for retracements to buy Eur | 21 Juli 2017

21 Juli 2017, EUR/USD

Wait for retracements to buy Eur

Technical Observations

From the weekly point of view, Eur has just broken a key resistance line 1.1459 and unless there's a clear bearish breach below this line, I expect a rise towards 1.2558. However, this position should not be executed just now, instead, conservative traders should wait for a pullback towards the just broken line 1.1459 to re-buy Eur towards 1.2558. Moreover, the price is way above it's weekly pivot line and may continue upwards . My advice, wait for a bearish retraction towards 1.149 to long eur towards 1.2558.

Technical levels:

Resistance levels

R1: 1.1701

R2: 1.177
R3: 1.1949
Pivot
1.1443
Support Levels
S1: 1.1231
S2: 1.1411
S3: 1.1522
Trade Signal
Day traders should wait and buy Eur around 1.1459 towards 1.2558.

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Imelda Maseno
Analyst of «FreshForex» company
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