EUR/USD analysis for May 07, 2018

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Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1921. According to the H1 time – frame, I found that the price is trading inside of the downward channel, which is a sign that sellers are in control. I also found a potential 3-drive pattern in creation, which is a sign that EUR/USD might create another downward swing. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.1890.

Resistance levels:

R1: 1.2000

R2: 1.2040

R3: 1.2087

Support levels:

S1: 1.1918

S2: 1.1872

S3: 1.1833

Trading recommendations for today: watch for potential selling opportunities.

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