EUR/USD analysis for July 03, 2017

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Recently, the EUR/USD has been trading downwards. The price tested the level of 1.1371. According to the 4H time frame, I found broken upward trendline in the background, which is a sign that buying looks risky. I have placed Fibonacci levels to find potential downward targets. I got Fibonacci retracement 38.2% at the price of 1.1320. Watch for selling opportunities on the rallies.

Resistance levels:

R1: 1.1427

R2: 1.1435

R3: 1.1440

Support levels:

S1: 1.1420

S2: 1.1417

S3: 1.1405

Trading recommendations for today: watch for potential selling opportunities.

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