Analysis of EUR/USD for August 15, 2017

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Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1720. According to the 4H time frame, I found a broken upward channel in the background and most recently a breakout of bearish flag has occured, which is a sign that buying looks risky. I added Stochastic oscilator on the chart and found overbought condition, which is another sign of weakness. My advice is to watch for potetnial selling opportunities. The first downward targets are set at the price of 1.1693 and 1.1620.

Resistance levels:

R1: 1.1825

R2: 1.1870

R3: 1.1900

Support levels:

S1: 1.1750

S2: 1.1725

S3: 1.1680

Trading recommendations for today: watch for potential selling opportunities.

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