Technical Analysis Based on Breakout – Buy EURUSD

EURUSD – Up



Technical observation

On the 4H chart above, EUR has been trading on an upward trend with major retracements at a key support zone (1.2200-1.2177)recently price failed to be corrected to the zone and continued to race further up, yesterday however, price retraced at zone (1.2394-1.2370) then went up with one green candle, right now the pair is retracing to the zone and I expect a rejection at it to long EUR towards 1.2537,I also expect price to break 1.2537 and continue with a bullish move,incase price goes below (1.2200-1.2177)then that would be the ideal time to short EUR after a retracement to the zone .As long as price remains above this zone, only long positions can be advised.

Technical levels

Resistance levels

R1.1.2271

R2.1.2284

R3.1.2306

Pivot

1.2270

Support levels

S1.1.225

S2.1.2241

S3.1.222

Trade signal

Wait for a retracement at zone (1.2394-1.2370) and buy EUR within it with your take profit at 1.2537 and stop loss at 1.2348

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