wait for a retracement to the key zone (1.1884-1.1859) | 08 Januari 2018

08 Januari 2018, EUR/USD

wait for a retracement to the key zone (1.1884-1.1859)

Technical observation

For the past few days,EUR has been trading on an upward trend. Previously on 25th of August 2017,price broke above the key zone(1.1884-1.1859) then retraced to it thrice making it a key support zone. Price then broke below the zone and traded below it before it broke above the zone again on 27th of December last year, currently EUR is trading above the key zone(1.1884-1.1859) and I expect a pullback to the zone to long EUR with my take profit slightly above 1.2075.If price breaks below the key zone, wait for price to retrace to the zone then short EUR towards1.1582.

Technical levels

Resistance levels

R1.1.207

R2.1.2108

R3.1.217

Pivot point

1.2045

Support levels

S1.1.2007

S2.1.1982

S3.1.192

Trade signaL

wait for a retracement to the key zone (1.1884-1.1859) to long EUR with your take profit at 1.2075 and your stop loss at 1.1817.

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Imelda Maseno
Analyst of «FreshForex» company
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