Wait for retracement at the zone (1.2004-1.1997) | 10 Januari 2018

10 Januari 2018, EUR/USD

Wait for retracement at the zone (1.2004-1.1997)

Technical observation

On the hourly chart above,EUR traded on an upward trend and price was rejected twice at a key zone(1.2004-1.1997) and continued up,however,on 8th of January this year, price broke below zone and is currently rallying towards it, I expect a rejection of the price at the zone to enter into long position towards the key line 1.1844.Incase price gets to break above the zone I would wait for a pullback to the zone to confirm that we are long to buy EUR towards the key line 1.2073.the key lines to look for are 1.1844 and 1.2073

Technical levels

Resistance levels

R1.1.1962

R2. 1.1953

R3.1.1948

Pivot

1.1943

Support levels

S1.1.1939

S2.1.1935

S3.1.1926

Trade signal

Wait for a retracement to the zone(1.2004-1.1997) to sell EUR with your take profit at 1.1844 and your stop loss slightly above 1.2004

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Imelda Maseno
Analyst of «FreshForex» company
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