Technical Analysis Based on Breakout – Wait for retracement to rebuy

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EURUSD – Up

Technical observation

During the previous weeks,EURUSD traded below a key resistance zone (1.1598-1.464),price then broke above the zone with a big green candle and retraced twice to the zone but could not penetrate below it.currently the pair is rallying above the zone and I expect a pullback to it and a rejection at the zone to buy the pair with my take profit at 1.2746,incase EUR does not get corrected to the zone and breaks above 1.2746 then I’ll wait for a retracement to the line then Buy EUR with my take profit at 1.3439.As long as zone (1.1598-1.464)protects the lower side only long positions can be advised.

Technical levels

Resistance levels

R1.1.2305

R2.1.12393

R3.1.2552

Pivot

1.2235

Support levels

S1.1.2147

S2.1.2077

S3. 1.1919

Trade signal

Wait for a retracement to zone (1.1598-1.464),then buy EUR with your take profit at 1.2746 and stop loss slightly below 1.464.

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The post Technical Analysis Based on Breakout – Wait for retracement to rebuy appeared first on Forex news forex trade.

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