Recently, the EUR/USD pair has been trading sideways at the price of 1.2400. According to the 30M time frame, I found rejection of the supply trendline and pivot resistance, which is a sign that buying looks risky. I also found overbought conditions 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 1.2330 and at the price of 1.2290.
Resistance levels:
R1: 1.2440
R2: 1.2515
R3: 1.2552
Support levels:
S1: 1.2330
S2: 1.2290
S3: 1.2216
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com