EURUSD – Up
Technical observation
After breaking down the support zone 1.2216-1.2192, EUR raced down and is currently showing signs of correcting to the zone, instead of penetrating to the upper side, I expect a possible clear rebound from this zone for price momentum the lower side. Although this bearish rally is much anticipated, second retracement to the zone will be the best place to short this pair towards 1.1931.In case price goes below the support line 1.1931, I expect a steady decline in price towards the lower support line 1.1727.As long as price is contained below 1.2216-1.2192,only short positions can be advised.
Technical levels
Resistance levels
R1.1.2345
R2.1.2401
R3.1.2505
Pivot: 1.2303
Support levels
S1.1.2241
S2.1.2194
S3.1.209
Trade signal
Wait for a pull back to 1.2216-1.2192 to short EUR on the second retracement with your take profit at 1.1931 and stop loss around 1.2289.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.