Technical Analysis Based on Breakout – Wait for a retracement at (1.2197-1.2185)

EURUSD – Up

Technical observation

In the past hours EUR has been rising steadily towards the key line 1.2323 and I expect a bounce from it followed by a pull back to the key support zone(1.2197-1.2185) to rebuy EUR up to 1.2323 in case price does not retrace to the zone, I expect it to break above the line and price to continue further up. If it breaks below the support zone then I advise you wait for a pullback to it to confirm a bearish move before you sell EUR towards 1.2116 and even lower if the line is broken. Right now, wait for a retracement to (1.2197-1.2185) then buy EUR with your take profit at 1.2323 and stop loss slightly below1.2185.

Technical levels

Resistance levels

R1.1.2201

R2.1.2208

R3.1.2226

Pivot

1.221

Support levels

S1. 1.21983

S2.1.2172

S3.1.21556

Trade signal

Wait for a retracement to (1.2197-1.2185) then buy EUR with your take profit at 1.2323 and stop loss slightly below1.2185.

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