Prepare for a long term sale | 29 November 2017

29 November 2017, EUR/USD

Prepare for a long term sale
Technical Observation:
Eur is slowly pulling back below 1.1986. From the monthly chart above, looks like Eur will definitely close below the monthly resistance line 1.1986. If this should be the case, then I expect a long term decline in price with a take profit fixed at 1.0486. As it is, I can only advice a sell position with a stop loss above 1.2122 and take profit at 1.0486. On the way downwards, the key lines to look for include 1.1560, 1.1220 and 1.088, if these lines are broken, then a massive decline in price towards 1.0486 is expected.
Technical Levels
Resistance levels
R1: 1.1816
R2: 1.2001
R3: 1.2307
Pivot
1.1696
Support Levels
S1: 1.1083
S2: 1.1389
S3: 1.151
Trade Signal
Sell Eur with your stop loss above 1.2122 and take profit at 1.0486

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Imelda Maseno
Analyst of «FreshForex» company
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