EUR/USD analysis for December 04, 2017

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Recently, the EUR/USD has been trading downwards. The price tested the level of 1.1836. According to the 1H time - frame, I found rejection from that support level at the price of 1.1850. I also found a hidden bullish divergence on the stochastic oscillator, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.1896 (pivot) and at the price of 1.1940 (pivot resistance 1).

Resistance levels:

R1: 1.1942

R2: 1.1986

R3: 1.2030

Support levels:

S1: 1.1850

S2: 1.1807

S3: 1.1760

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com