Watch for retracement towards 1.1459. | 11 Agustus 2017

11 Agustus 2017, EUR/USD

Watch for retracement towards 1.1459.

Technical Observation

The most important reference points in this pair includes 1.1459, 1.1616 and 1.1714. If the price can break below the first important reference point 1.1459, I expect a decline to the lower side probably towards 1.0520. A rejection from either 1.1714, 1.1616, or 1.1459 will call for a long position with a take profit fixed at 1.2558. On the weekly chart above, I still expect a bearish retracement towards the support line 1.1459 to pick a long position towards 1.2558. With this position, you stop loss should be slightly below 1.3111.

Technical levels:

Resistance levels

R3:1.18832

R2:1.18341

R1:1.18021

Pivot

1.17530

Support Levels

S1:1.17210

S2:1.16719

S3:1.16399

Trade Signal

Watch for retracement towards 1.1459.

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Imelda Maseno
Analyst of «FreshForex» company
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