EUR/USD analysis for February 28, 2018

analytics5a96a2e6ab246.png

Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.2198. According to the 1H time – frame, I found a bearish breakout of 3-day balance in the background, which is a sign that sellers are in control. I also found that the pair is trading inside of the downward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2162 and at the price of 1.2050.

Resistance levels:

R1: 1.2315

R2: 1.2390

R3: 1.2438

Support levels:

S1: 1.2190

S2: 1.2142

S3: 1.2063

Trading recommendations for today: watch for potential selling opportunities.

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