EUR/USD analysis for August 24, 2017

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Recently, the EUR/USD has been trading upwards. The price tested the level of 1.1823. Anyway, according to the 30M time frame, I found a weakness in the background, which is a sign that buying looks risky. I found series of lower lows and lower high, which is a sign that sellers took control from the buyers. The stochastic oscillator showing an overbought condition, which adds more power for selling. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.1750.

Resistance levels:

R1: 1.1840

R2: 1.1875

R3: 1.1930

Support levels:

S1: 1.1755

S2: 1.1700

S3: 1.1670

Trading recommendations for today: watch for potential selling opportunities.

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