EUR/USD analysis for September 04, 2017


Recently, the EUR/USD pair has been trading sideways at the price of 1.1910. According to the 30M time frame, I found a strong resistance cluster at the price of 1.1925 and buying EUR/USD at this stage looks risky. There is a rejection from the Fibonacci retracement 61.8% in the background and overbought Stohastic, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1850 and 1.1825.

Resistance levels:

R1: 1.1885

R2: 1.1890

R3: 1.1900

Support levels:

S1: 1.1875

S2: 1.1870

S3: 1.1865

Trading recommendations for today: watch for potential selling opportunities.

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