EUR/USD analysis for August 02, 2017

analytics5981b1608ff35.png

Recently, the EUR/USD has been trading upwards. The price tested the level of 1.1868. Anyway, according to the 15M time frame, I found broken falling wedge (bullish pattern), which is a sign that selling looks risky. Also, there is a pullback and successful re-test of the falling wedge, which is another sign of strength. I placed Stochastic on the chart and there is an oversold condition, which is confirming potential strength. Watch for potential buying opportunities. The upward targets are set at the price of 1.1865 and 1.1900.

Resistance levels:

R1: 1.1835

R2: 1.1870

R3: 1.1900

Support levels:

S1: 1.1775

S2: 1.1750

S3: 1.1715

Trading recommendations for today: watch for potential buying opportunities.

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