EUR/USD analysis for October 16, 2017


Recently, the EUR/USD pair has been trading sideways at the price of 1.1810. According to the 15M time - frame, I found an evening star formation in creation, which is warning that buying looks risky. The price is trading below the pivot point (1.1835). I found overbought Stochastic, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1765 (S2) and 1.1725 (S3).

Resistance levels:

R1: 1.1862


R3: 1.1932

Support levels:

S1: 1.1792

S2: 1.1765

S3: 1.1725

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -