EURUSD – Up
Technical observation
The pair on the 4H chart above while on an upward trend, retraced at a support zone (1.2394-1.2370) but could not penetrate below it, currently price is rallying within the zone and I expect a possible breakout below the zone to induce a bearish move of the price. You can either re buy the pair now but not for long, up to the key line 1.2537 or wait for a breakout below the zone then short EUR after a retracement to the zone towards (1.2200-1.2177),if that zone gets broken too then I expect a further decline in price towards 1.1926.
Technical levels
Resistance levels
R1.1.2472
R2.1.2434
R3.1.2452
Pivot
1.2416
Support levels
S1.1.2409
S2.1.2399
S3.1.2381
Trade signal
Wait for a break out below (1.2394-1.2370) then short EUR after a retracement to the zone with your take profit at 1.2189 stop loss at 1.2462.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.