EUR/USD analysis for February 06, 2018


Recently, the EUR/USD pair has been trading sideways at the price of 1.2400. According to the 30M time frame, I found rejection of the supply trendline and pivot resistance, which is a sign that buying looks risky. I also found overbought conditions on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2330 and at the price of 1.2290.

Resistance levels:

R1: 1.2440

R2: 1.2515

R3: 1.2552

Support levels:

S1: 1.2330

S2: 1.2290

S3: 1.2216

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -