EUR/USD analysis for August 08, 2018

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Recently, the EUR/USD has been trading upwards. The price tested the level of 1.1627. Anyway, according to the M30 time frame, I found that price rejected from the weekly pivot and daily resistance 1, which is a sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1562 and at the price of 1.1530.

Resistance levels:

R1: 1.1619

R2: 1.1641

R3: 1.1676

Support levels:

S1: 1.1562

S2: 1.1527

S3: 1.1505

Trading recommendations for today: watch for potential selling opportunities.

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