EUR/USD analysis for June 05, 2018

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Recently, the EUR/USD pair has been trading sideways at the price of 1.1688. According to the H1 time – frame, I found a potential intraday bearish flag in creation, which is a sign that buying looks risky. I also found a hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for a potential breakout of the bearish flag to confirm a further downward movement. The downward target is set at the price of 1.1615.

Resistance levels:

R1: 1.1740

R2: 1.1780

R3: 1.1820

Support levels:

S1: 1.1664

S2: 1.1627

S3: 1.1587

Trading recommendations for today: watch for potential selling opportunities.

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