EUR/USD analysis for December 26, 2017


Recently, the EUR/USD has been trading sideways at the price of 1.1852. According to the 30M time - frame, I found that price has broken the upward trendline in the background, which is a sign that buying looks risky. I also found a bearish flag pattern in creation, which is another sign of weakness. My advice is to watch for potential selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got FE 61.% at the price of 1.1824, FE 100% at the price of 1.1793 and FE 161.8% at the price of 1.1740.

Resistance levels:

R1: 1.1884

R2: 1.1905

R3: 1.1945

Support levels:

S1: 1.1825

S2: 1.1790

S3: 1.1765

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -