EUR/USD analysis for August 04, 2017

analytics598466717c569.png

Recently, the EUR/USD has been trading sideways at the price of 1.1872. Anyway, according to the 30M time frame, I found a buying climatic action in the background and supply came in, which is a sign that buying looks risky. There is also a breakout of the symmetrical triangle, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1845 and 1.1815.

Resistance levels:

R1: 1.1900

R2: 1.1930

R3: 1.1965

Support levels:

S1: 1.1835

S2: 1.1800

S3: 1.1770

Trading recommendations for today: watch for potential selling opportunities.

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