EUR/USD analysis for February 09, 2018

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Recently, the EUR/USD pair has been trading sideways at the price of 1.2268. According to the 30M time - frame, I found that the price did successful rejection of pivot resistance 1, which is a sign that buying looks risky. I also found an upward trendline and my advice is to watch for potential breakout to confirrm further downward movement. The downward targets are set at the price of 1.2208 and at the price of 1.2170. Anyway, if the price breaks the level of 1.2290, price might visit level of 1.2335.

Resistance levels:

R1: 1.2290

R2: 1.2340

R3: 1.2375

Support levels:

S1: 1.2208

S2: 1.2170

S3: 1.2125

Trading recommendations for today: watch for potential selling opportunities.

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