Technical Analysis Based on Breakout – flat

EURUSD – Up

flat

Technical Observation:
Nothing has changed much since the other day’s analysis. I still expect Eur to plummet towards 1.1481 where I’ll pick a long position towards 1.3138. According to the weekly chart above, I chose to remain flat and wait for a bounce from 1.1481 to pick a long position. If the price can breakout below 1.1481, then further bearish momentum towards 1.0468 is expected. But as it is, I’d rather wait for a bounce from 1.1481 to long Eur.
Resistance levels
R1: 1.1828
R2: 1.2006
R3: 1.2314
Pivot
1.1677
Support Levels
S1: 1.1088
S2: 1.1396
S3: 1.1523
Trade Signal
flat

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