25 April 2018, EUR/USD
Technical observation
Recently, after a sharp drop in price, EUR could not penetrate below the daily support zone 1.2217-1.2192 where previously price has constantly been rejected from. I went long following the rejection on this support zone and I’m still holding on to this position. I expect that this week, EUR should continue rising towards 1.2557 or even higher to the weekly resistance line 1.2878.At the moment only a long position can safely be recommended especially while the price is above 1.217-1.2192,if the price gets below it, then a short position can be considered after a retracement to the zone.
Technical levels
Resistance levels
R1.1.2345
R2.1.2401
R3.1.2505
Pivot: 1.2299
Support levels
S1.1.2241
S2.1.2194
S3.1.209
Trade signal
Remain long towards 1.2557