EUR/USD analysis for August 30, 2017


Recently, the EUR/USD has been trading downwards. As I expected, the price tested the level of 1.1926 in a high volume. The yesterday's downward target at the price of 1.1985 has been met. Anyway, according to the 30M time frame, I see still downward pressure and my advice is to watch for selling opportunities. The price broke yesterday's low at 1.1946 and there are up-thrust bars, which is a sign of weakness. I placed Fibonacci expansion to find potential downward targets. I got FE 100% at 1.1860 and FE 161.8% at the price of 1.1800.

Resistance levels:

R1: 1.2045

R2: 1.2120

R3: 1.2170

Support levels:

S1: 1.1920

S2: 1.1870

S3: 1.1800

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -