Technical Analysis Based on Breakout – Buy EUR

EURUSD – Up

Buy EUR

Technical observation

The pair EURUSD has been trading on an upward trend, while on the trend, price retraced at a key support zone (1.2198-1.2185) four times. Currently price is on a bullish channel within the zone and I would advise you buy EUR now within it up to the key line 1.2322.In case prices goes below the support wait for pullback and a rejection at the zone before you sell EUR towards 1.2028 if price goes beyond 1.2028 then continue short. A right now only long position is Ideal within the support zone. The key lines to look for on this chart include 1.2322, 1.2001 and 1.1835.

Technical levels

Resistance levels

R1.1.2201

R2.1.2208

R3.1.2226

Pivot

1.220

Support levels

S1.1.2183

S2.1.2172

S3.1.2156

Trade signal

Buy EURUSD within (1.2198-1.2185) with your take profit at 1.2322 and stop loss slightly below 1.2185

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