Technical Analysis Based on Breakout – Wait for a retracement at(1.2215-1.2194)

EURUSD – Up

Wait for a retracement at(1.2215-1.2194)

Technical observation

While on an upward trend,EURUSD retraced to a support zone( 1.2215-1.2194) but could not penetrate below it.As long as this zone protects the lower side we expect possible buy positions along this zone. Right now we expect a thrush to the upper the upper side just that this move has not matured much. Were expecting price to retrace to the support zone( 1.2215-1.2194)to long this pair with an ultimate target at 1.2323 or even higher. As it is on the 4H chart above, we’re waiting for a bounce from ( 1.2215-1.2194) to long this pair with my stop loss at 1.2161 and take profit at 1.2323.

Technical levels

Resistance levels

R1.1.2271

R2.1.2284

R3.1.2306

Pivot

1.2263

Support levels

S1.1.225

S2.1.2241

S3.1.222

Trade signal

Wait for a bounce from(1.2215-1.2194) to long EUR with my stop loss at 1.2161 and take profit at 1.2323.

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