EUR/USD analysis for January 03, 2018

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Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.2003. According to the 30M time frame, I found a successful rejection from the lower diagonal of the corrective downward channel, which is a sign that selling looks risky. I also found a successful test of Fibonacci expansion 100% at the price of 1.2011, which is a sign that sellers may exhausted themselves. My advice is to watch for potential buying opportunities. The first upward target is set at the price of 1.2050; and the second, at the price of 1.2075.

Resistance levels:

R1: 1.2095

R2: 1.2130

R3: 1.2175

Support levels:

S1: 1.2015

S2: 1.1965

S3: 1.1935

Trading recommendations for today: watch for potential buying opportunities.

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