02 April 2018, EUR/USD
Technical observation
On the weekly chart above,EURUSD broke above a resistance zone (1.2243-1.2201) then rose up before retracing to the zone thrice, currently price is rallying above the zone and are showing signs of retracing to the zone, I expect a rejection of it within or around the zone for bullish movements of EUR towards 1.2555, I also expect a possible breakout above 1.255 for a further rise in price towards the upper key line 1.2778.In case there’s a clear breakout below (1.2243-1.2201),wait for a correction to it to confirm bearish movement of price before you enter short position towards the lower key line 1.1732.
Technical levels
Resistance levels
R1.1.2437
R2.1.2553
R3.1.2746
Pivot
1.236
Support levels
S1.1.2244
S2.1.2167
S3.1.1974
Trade signal
Wait for a correction to (1.2243-1.2201) to buy EUR.