06 Agustus 2018, EUR/USD
Technical observation
On the weekly chart above, EUR/USD has been trading on an upward trend with retracements at the key supportive zone 1.1581-1.1506.Last week, price corrected to the zone and is currently within it, you can long the pair now within the zone with your ideal target at the resistance 1.2465 and stop loss slightly below 1.1506.In case of a breach above 1.2465,wait for a correction to it to confirm bullish momentum of price before you continue long with the pair. In case of a clear breach below the zone 1.1581-1.1506 with a big red candle, wait for a correction to it to confirm bearish movement of price before you enter short positions.
Technical levels
Resistance levels
R1.1.169
R2.1.1811
R3.1.1997
Pivot
1.1625
Support levels
S1.1.1504
S2.1.1439
S3.1.1253
Trade signal
Buy EUR/USD now within 1.1581-1.1506 with your take profit at 1.2465 and stop loss slightly below 1.1506.
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