EUR/USD analysis for February 08, 2018

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Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.2225. According to the 30M time – frame, I found a broken intraday bearish flag (pennat), which is a sign that sellers are in control. I also found a bearish cross on 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 1.2220, 1.2146 and at the price of 1.2050.

Resistance levels:

R1: 1.2365

R2: 1.2465

R3: 1.2525

Support levels:

S1: 1.2205

S2: 1.2146

S3: 1.2050

Trading recommendations for today: watch for potential selling opportunities.

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