Wait and short EUR around 1.1167 | 16 Juni 2017

16 Juni 2017, EUR/USD

Wait and short EUR around 1.1167

Technical Observation

Following the false breakout above 1.1224, EUR dropped almost 100 pips and could still fall today. The current upward consolidation is a retracement in form of a flag and is not good to be bought, instead, I'm waiting for a breakout below this flag to short EUR towards 1.1082. On the hourly chart above, the current upward consolidations to rise towards 1.1167, thus, as a conservative trader, you could place a pending sell limit order around 1.1167 just in case the price retrace back to this resistance line.
Technical levels:
Resistance levels
R1: 1.1157
R2: 1.1157
R3: 1.1168
Pivot Point
1.1151
Support Levels
S1: 1.1135
S2: 1.1143
S3: 1.1147
Trade Signal
Short EUR around 1.1167 towards 1.1082

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Imelda Maseno
Analyst of «FreshForex» company
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