Recently, the EUR/USD pair has been trading sideways at the price of 1.2050. According to the 30M time frame, I found an oversold stochastic oscillator, which is a sign that selling looks risky. The short-term trend is still bullish. I also found a supply trendline in the background, and my advice is to watch for potential bullish breakout to confirm further upward price. The upward targets are set at the price of 1.2100 (pivot resistance 1) and at the price of 1.2137 (pivot resistance 2).
Resistance levels:
R1: 1.2102
R2: 1.2137
R3: 1.2185
Support levels:
S1: 1.2018
S2: 1.1965
S3: 1.1935
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com