EUR/USD analysis for February 05, 2018


Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.2409. Anyway, according to the 30M time – frame, I found a breakout of intraday pennant, which is a sign that selling looks risky. I also found a hidden bullish divergence on the stochastic oscillator in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.2520.

Resistance levels:

R1: 1.2511

R2: 1.2569

R3: 1.2620

Support levels:

S1: 1.2402

S2: 1.2350

S3: 1.2293

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -