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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EUR/USD analysis for May 05, 2017

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Recently, the EUR/USD pair has been trending upwards. The price tested the level of 1.0991. According to the 15M time frame, I found a fake breakout of the yesterday's high, which is a sign that buying looks risky. My advice is to watch for selling opportunties. I have placed Fibonacci retracement to find potential downward targets. I got Fibonacci retracement 38.2% at the price of 1.0950, Fibonacci retracement 50% at the price of 1.0935 and Fibonacci retracement 61.8% at the price of 1.0920.

Resistance levels:

R1: 1.0975

R2: 1.0985

R3: 1.0995

Support levels:

S1: 1.0954

S2: 1.0945

S3: 1.0935

Trading recommendations for today: watch for potential selling opportunities.

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