EUR/USD analysis for September 07, 2018

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Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1600. Anyway, according to the M15 time – frame, I fund potential fifth point of the wolfe wave bullish pattern, which means that selling looks very risky. The level of 1.1600 provided very solid support and it is also a Fibonacci expansion 100% from the most recent activity. I also found that RSI oscillator is in the oversold zone, which is another sign of potential strength. Watch for buying opportunities. Take profit level is set at the price of 1.1657.

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