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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EUR/USD analysis for May 04, 2017

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Recently, the EUR/USD pair has been trading upward. The price tested the level of 1.0941. Anyway, according to the 1H time frame, I found strong resistance near the price of 1.0940, which is a sign that buying at this stage looks risky. I found a supply trendline and horizontal cluster. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.0875.

Resistance levels:

R1: 1.0935

R2: 1.0955

R3: 1.0975

Support levels:

S1: 1.0890

S2: 1.0875

S3: 1.0855

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com