Wait for a breakout below 1.1931. | 03 Mei 2018

03 Mei 2018, EUR/USD

Wait for a breakout below 1.1931.

Technical observation

After breaking down below the support zone 1.2235-1.2192,EURUSD rallied down towards a support line 1.1931 and is currently around it, I expect either a breakout below it or a rejection of price around it for a correction of price to 1.2235-1.2192.In case of a breakout below 1.1931,wait for a correction to it then sell EUR on the second one with your take profit at 1.1727,and in case of a rejection of price around 1.1931 wait for the correction of price to 1.2235-1.2192 then sell EUR within the zone with your take profit at 1.1931.According to the chart above, only short positions can be recommended.

Technical levels

Resistance levels

R1.1.2158

R2.1.2185

R3.1.2263

Pivot

1.2111

Support levels

S1.1.208

S2.1.2028

S3.1.195

Trade signal

Wait for a breakout below 1.1931.

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Imelda Maseno
Analyst of «FreshForex» company
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