EUR/USD analysis for August 24, 2018


Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1599. According to the M30 time – frame, I found a rejection of the yesterday's high at the price of 1.1600 and testing of upper diagonal of the upward channel, which is a sign that buying looks risky. I also found overbought condition 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 1.1529 and at the price of 1.1486.

Resistance levels:

R1: 1.1581

R2: 1.1625

R3: 1.1651

Support levels:

S1: 1.1511

S2: 1.1485

S3: 1.1411

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -