Technical Observation
Recently, Eur made fresh weekly higher highs and even went above the recent highest high 1.1716. I have been waiting for a bearish retracement towards 1.1459 but as it appears, the price could even push higher without ever pulling back. If this is the case, then I expect a rise towards the monthly resistance line 1.1983. According to the weekly chart above, long positions seems more ideal and can be recommended while the price remains above 1.1459 and below 1.1983. A breakout above 1.1983 will require a confirmation that price is extending even higher.
Technical levels:
Resistance levels
R1: 1.1523
R2: 1.1621
R3: 1.1895
Pivot
1.1355
Support Levels
S1: 1.0799
S2: 1.1073
S3: 1.1249
Trade Signal
Look for long positions towards 1.1983
Origin: FreshForex
