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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EUR/USD analysis for May 02, 2018

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Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1981. According to the M30 time – frame, I found a potential end of the bullish corrective phase in the backgorund (bearish flag), which is a sign that buying looks risky. My advice is to watch for a potential breakout of a bearish flag to confirm further downward continuation. The downward target is set at the price of 1.1930. The short- and mid-term trend is bearish. Watch for selling opportunities.

Resistance levels:

R1: 1.2057

R2: 1.2123

R3: 1.2160

Support levels:

S1: 1.1955

S2: 1.1915

S3: 1.1850

Trading recommendations for today: watch for potential selling opportunities.

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