EURUSD – Up
Technical observation
On the weekly chart above, EURUSD broke down below a support zone 1.2235-1.2192 with a big red candle and is currently below it.I expect a correction to the just broken zone and a rejection of price from it for bearish movement of price towards 1.1739 and a breakout below it for a further decline in price towards 1.1387.I would advise you wait for the correction to the zone then short EUR on the second on to the zone with your take profit at 1.2739 and stop loss around 1.2557.In case of a breakout below 1.1387,continue long with EUR after the second retracement to it. Only buy if price goes above 1.2235-1.2192.
Technical levels
Resistance levels
R1.1.2097
R2.1.2232
R3.1.2461
Pivot
1.2004
Support levels
S1.1.1869
S2.1.1775
S3.1.1547
Trade signal
Sell EUR after the second correction to 1.2235-1.2192 with your take profit at 1.2739 and stop loss around 1.2557.
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