Technical Analysis Based on Breakout – Wait for a retracement to 1.2323

EURUSD – Up

Wait for a retracement to 1.2323

Technical observation

For the past days price has been contained above a support zone( 1.2216-1.2200) ,the general trend for the pair EURUSD has been upward, yesterday price broke above a resistance line 1.2323 and has not retraced to it instead it continued up towards 1.2431.If you had not entered long position I would advise you wait for a correction of price before you buy the pair, I still expect a rise of price I the next coming hours.incase price goes below the support zone then that would be the ideal time to short EUR after a pullback to the just broken zone towards 1.2117 and 1.1919.

Technical levels

Resistance levels

R1.1.2271

R2.1.2284

R3.1.2306

Pivot

1.2269

Support levels

S1.1.225

S2.1.2241

S3.1.222

Trade signal

Wait for a retracement to 1.2323 then buy EUR with your stop loss at 1.2301

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