EUR/USD analysis for July 05, 2017


Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1312. Anyway, according to the 30M time frame, I found that the price rejected from a lower diagonal of the downward channel, which is a sign that selling looks risky. So we might expect a potential three-drive pattern. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.1370 and 1.1440.

Resistance levels:

R1: 1.1380

R2: 1.1400

R3: 1.1420

Support levels:

S1: 1.1340

S2: 1.1315

S3: 1.1295

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -