EUR/USD analysis for August 10, 2017

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Recently, the EUR/USD has been trading sideways at the price of 1.1740. According to the 4H time frame, I found broken bullish channel in the background and testing of supply trendline, which is sign that buying looks risky. I also found lower lows and lower highs, whici is another sign of potential change in trend dynamic from bullish to bearish. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1630 and 1.1500.

Resistance levels:

R1: 1.1790

R2: 1.1815

R3: 1.1865

Support levels:

S1: 1.1710

S2: 1.1660

S3: 1.1630

Trading recommendations for today: watch for potential selling opportunities.

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