Technical Observation:
After a successful breakout above 1.0697, Euro should retrace to the just broken equilibrium zone 1.0697-1.0677, where we’ve placed a pending buy limit. From the Hourly chart, there’s a short term bearish trend developing and must not breach 1.0677. With that in mind, my advice is to hold onto previous buy position; alternatively, conservative traders could wait for a bounce from the equilibrium zone, mentioned above to execute buy orders (shown above). In an alternative case scenario, should price descend below 1.0677, we may be tempted to short Euro Towards 1.05.
Technical levels:
Resistance levels
R1: 1.067
R2: 1.0698
R3: 1.0754
Pivot Point
1.0642
Support Levels
S1: 1.0531
S2: 1.0587
S3: 1.0614
Trade Signal
Long Euro from 1.0697-1.0677 towards 1.08
Origin: FreshForex