Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1862. According to the 30M time frame, I found a broken Asian ses. low and weak demand in the background, which is a sign that buying looks risky. I also found that price is trading in the downward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of 1.1830 and Fibonacci expansion 161.8% at the price of 1.1760.
Resistance levels:
R1: 1.1935
R2: 1.1964
R3: 1.1965
Support levels:
S1: 1.1910
S2: 1.1888
S3: 1.1880
Trading recommendations for today: watch for potential selling opportunities.
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