EUR/USD analysis for March 01, 2018

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Recently, the EUR/USD pair has been trading downwards. As I expected, the price tested the level of 1.2179. According to the 1H time frame, I found that price is trading inside of the downward channel, which is a sign that sellers are in control. I also found a series of lower lows and lower highs, which is another sign of weakness. My advice is to watch for potential selling opportunties. The downward targets are set at the price of 1.2163 and at the price of 1.2050.

Resistance levels:

R1: 1.2228

R2: 1.2262

R3: 1.2282

Support levels:

S1: 1.2175

S2: 1.2154

S3: 1.2120

Trading recommendations for today: watch for potential selling opportunities.

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