07 Agustus 2018, EUR/USD
Technical observation
In the recent past, EUR/USD established a long term resistance zone 1.1744-1.1721 and is still below it.For the past few days , EUR has been rallying down significantly towards the support 1.1509 but is currently pulling back to 1.1744-1.1721.I expect a loss of bullish momentum around the just mentioned zone to EUR within it with my take profit at 1.1509 and stop loss slightly above 1.1744.Should the price break below 1.1509,I suggest waiting for a pull back to the just broken line to continue short with EUR towards 1.1337.On the way downwards ,the key lines to look for include,1.1509,1.1337 and 1.1097.
Technical levels
Resistance levels
R1.1.1599
R2.1.163
R3.1.1681
Pivot
1.158
Support levels
S1.1.1549
S2.1.1529
S3.1.1479
Trade signal
Sell EUR/USD within 1.1744-1.1721.
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