Technical Analysis Based on Breakout – Wait for a retracement at (1.1598-1.1464)

EURUSD – Up

Wait for a retracement at (1.1598-1.1464)

Technical observation

In the previous weeks weeks,EUR traded below a key resistance zone (1.1598-1.1464) then broke above it and retraced to it before continuing up. Currently price is rallying towards the zone and I expect s rejection at it to long EUR with my first take profit at 1.2745 and the next at 1.3439,I expect the line 1.2745 to be breached for price to achieve a bullish momentum towards 1.3439 or even further up. If price goes below the zone then it would be advisable you wait for a retracement to the it to confirm a bearish move before you enter short positions.

Technical levels

Resistance levels

R1.1.2305

R2.1.2393

R3.1.2552

Pivot

1.2235

Support levels

S1.1.2147

S2.1.2077

S3.1.1919

Trade signal

Wait for a retracement to the zone (1.1598-1.1464) then buy EUR with your take profit at 1.2745 and stop loss at 1.1464

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