EUR/USD analysis for October 05, 2017


Recently, the EUR/USD pair has been trading sideways at the price of 1.1740. According to the 30M time- frame, I found a double fake breakout in the background and successful breakout of upawrd trendline, which is a sign that buying looks risky. There is also a hidden bearish divergence on the moving average osiclator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1700 and 1.1650.

Resistance levels:

R1: 1.1785

R2: 1.1800

R3: 1.1820

Support levels:

S1: 1.1760

S2: 1.1740

S3: 1.1725

Trading recommendations for today: watch for potential selling opportunities.

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