EUR/USD analysis for August 22, 2018


Recently, the EUR/USD pair has been trading sideways at the price of 1.1575. According to the M30 time – frame, I found that price is trading in the well-defined upward regression channel, which is a sign that buyers are in control. I also found the breakout of the supply trendline and rejection of the daily pivot (1.1549), which are signs that selling looks risky. My advice is to watch for buying opportunities with targets at the price of 1.1625 (pivot cluster) and 1.1670 (pivot R2)

Resistance levels:

R1: 1.1620

R2: 1.1670

R3: 1.1740

Support levels:

S1: 1.1450

S2: 1.1428

S3: 1.1378

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -