EUR/USD analysis for May 03, 2018

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Recently, the EUR/USD has been trading sideways at the price of 1.1990. According to the H1 time frame, I found a potential bullish corrective phase in progress, which is a sign that buying looks risky and limited. My advice is to watch for a potential breakout of the upward channel (bearish flag), to confirm further downward continuation. The downward targets are set at the price of 1.1938 and at the price of 1.1915.

Resistance levels:

R1: 1.2008

R2: 1.2067

R3: 1.2102

Support levels:

S1: 1.1915

S2: 1.1915

S3: 1.1880

Trading recommendations for today: watch for potential selling opportunities.

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