10 April 2018, EUR/USD
Technical observation
For the past days after breaking up a resistance zone,EURUSD has been retracing at a support zone (1.2243-1.2201) five times making it a key support zone. Currently price is trading above it and is showing signs of pulling back to it, I don’t expect it to penetrate below the zone, I expect a rejection of it within or around the zone for a bullish momentum towards the key line 1.2555 and a breakout above it for a further rise in price. I would advise you wait for a correction to the zone then buy EUR with your take profit at 1.2555 and stop loss around 1.2114.Only sell EUR in case of a breakout below the zone and a pullback to it.
Technical levels
Resistance levels
R1.1.231
R2.1.2339
R3.1.2415
Pivot
1.2263
Support levels
S1.1.2234
S2.1.2186
S3.1.211
Trade signal
Wait for a correction to the zone to buy EUR with your take profit at 1.2555 and stop loss at 1.2114.