EUR/USD analysis for November 09, 2017


Recently, the EUR/USD has been trading upwards. The price tested the level of 1.1644. According to the 15M time – frame, I found an evening star formation at the pivotal resistance 3 (1.1640), which is sign that buying looks risky. I also found overbought stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1615 and 1.1590.

Resistance levels:

R1: 1.1610

R2: 1.1627

R3: 1.1642

Support levels:

S1: 1.1578

S2: 1.1563

S3: 1.1545

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -