EUR/USD analysis for December 28, 2017


Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1946. Anyway, according to the 1H time – frame, I found a rising wedge formation in creation, which is sign that buying looks risky. I also found a hidden bearish divergence on the moving average oscillator, which is anotherr sign of weakness. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.1900 and if the price breaks the level of 1.1900, EUR/USD might visit 1.1740.

Resistance levels:

R1: 1.1915

R2: 1.1940

R3: 1.1970

Support levels:

S1: 1.1860

S2: 1.1830

S3: 1.1805

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -