EUR/USD analysis for December 12, 2017


Recently, the EUR/USD pair has been trading sideways at the price of 1.1777. Anyway, according to the 15M time - frame, I found a broken upward channel in the background, which is a sign that buying looks risky. I also found a bearish momentum on the MACD oscillator, which is another sign of weakness. The short-term trend is bearish. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.1730.

Resistance levels:

R1: 1.1800

R2: 1.1830

R3: 1.1845

Support levels:

S1: 1.1750

S2: 1.1733

S3: 1.1700

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -