A Spike upwards | 24 Juli 2017

24 Juli 2017, EUR/USD

A Spike upwards

Technical Observation

Following the stagnation within the wide zone 1.1459-1.0520, past week, Eur spiked above this zone. This is a bullish signal, but instead of going long immediately, waiting for a bearish pullback to the just broken line to pick a long position is worth waiting for. The level 1.1459 is a key weekly resistance line and unless its clearly broken to the lower side with a big red candle, I'll be looking for a long position on a rejection from 1.1459. On the weekly chart above, I'm waiting for price to defend this break above 1.1459 to long Eur towards the next weekly resistance line 1.2558.

Technical levels:

Resistance levels

R1: 1.1523

R2: 1.1621

R3: 1.1895

Pivot

1.1350

Support Levels

S1: 1.0799

S2: 1.1073
S3: 1.1249
Trade Signal
Position traders should wait for a pullback towards 1.1459 to long Eur towards 1.2558

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Imelda Maseno
Analyst of «FreshForex» company
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