Wait | 18 Oktober 2018

18 Oktober 2018, EUR/USD

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Technical observation

A breakout was seen when price went below a support 1.1533 with a big red candle and is still rallying below it. I expect a retracement to the just broken line followed by a bounce form it for possible bearish momentum towards 1.1441 and a break below it for a further decline in price towards 1.1344.Right now, I’m waiting for the pullback to 1.1533 and a rejection at it to pick short positions with my first take profit a 1.1441 and the next at 1.1344 with my stop loss around 1.1566.This pair is moving downwards and so only short positions can be recommended on the 4 Hour chart above.

Technical levels

Resistance levels

R1.1.155

R2.1.1552

R3.1.1556

Pivot

1.1552

Support levels

S1.1.1545

S2.1.1543

S3.1.1539

Trade signal

Wait for a correction to 1.1533 to sell EUR .

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Imelda Maseno
Analyst of «FreshForex» company
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