EUR/USD analysis for December 21, 2017

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Recently, the EUR/USD pair has been trading sideways at the price of 1.1860. Anyway, according to the 30M time – frame, I found a broken rising wedge forrmation inside of a lager broadening wegde formation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. I have placed Fibonacci retracement to find potential downward targets. I got FR 38.2% at the price of 1.1840, FR 50% at the price of 1.1820 and FR 61.8% at the price of 1.1800.

Resistance levels:

R1: 1.1905

R2: 1.1940

R3: 1.1980

Support levels:

S1: 1.1835

S2: 1.1795

S3: 1.1760

Trading recommendations for today: watch for potential selling opportunities.

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