Pullbacks | 02 Agustus 2017

02 Agustus 2017, EUR/USD

Pullbacks

Technical Observations

Eur is currently trading with a diminishing upward momentum. I'm waiting for bearish pullbacks anytime from now, however, Eur may rise even higher towards 1.1916, where I expect a rejection. A key support line can be seen around 1.1659; from the weekly chart above, this is the ideal place for position traders to long Eur with a stop loss below 1.1354 and take profit at 1.2558. That said, although I'm good to look for long positions even now, I choose to place a pending buy limit order at 1.1459, just in case the price comes back to this place.

Technical levels:

Resistance levels

R1: 1.1813

R2: 1.1878
R3: 1.2042
Pivot
1.1714
Support Levels
S1: 1.1384
S2: 1.1548
S3: 1.1649
Trade Signal
Place a pending buy limit order around 1.1459.

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Imelda Maseno
Analyst of «FreshForex» company
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