Wait for a pullback to 1.1742-1.1716 | 20 Juli 2018

20 Juli 2018, EUR/USD

Wait for a pullback to 1.1742-1.1716

Technical observation

EU/USD is still on a downward trend with yesterday’s candle closing as a dodgy candle. I expect a pullback to key resistance zone 1.1742-1.1716 and a rejection of price within it for possible bearish momentum towards 1.1520 followed by a breakout below it for a further decline in price.Im waiting for the correction to 1.1742-1.1716 and a rejection within it to short the pair on the daily chart above with my ideal target at 1.1520 and stop loss slightly above 1.1742.In case of a breach below 1.1520,wait for a correction to it then continue short with the pair towards the lower support 1.1339.

Technical levels

Resistance levels

R1.1.1712

R2.1.1738

R3.1.1813

Pivot

1.1668

Support levels

S1.1.1637

S2.1.1587

S3.1.1512

Trade signal

Wait for a pullback to 1.1742-1.1716 to short EUR with your take profit at .1520 and stop loss slightly above 1.1742.

Do you know against which currencies EUR is the most profitable?

Wait for a pullback to 1.1742-1.1716

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Imelda Maseno
Analyst of «FreshForex» company
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