Recently, the EUR/USD pair has been trading downwards. The price tested the level 1.0777. According to the 30M time frame, I found broken upward channel and hidden bearish divergence in the background which is a sign that buyers lost power and that sellers took control. There is also a downward channel and the price respecting the medium line. My advice is to watch for potential selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of 1.0760, Fibonacci expansion 100% at the price of 1.0720 and Fibonacci expansion 161.8% at the price of 1.0655.
Resistance levels:
R1: 1.0850
R2: 1.0875
R3: 1.0900
Support levels:
S1: 1.0800
S2: 1.0780
S3: 1.0750
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, the EUR/USD pair has been trading downwards. The price tested the level 1.0777. According to the 30M time frame, I found broken upward channel and hidden bearish divergence in the background which is a sign that buyers lost power and that sellers took control. There is also a downward channel and the price respecting the medium line. My advice is to watch for potential selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of 1.0760, Fibonacci expansion 100% at the price of 1.0720 and Fibonacci expansion 161.8% at the price of 1.0655.
Resistance levels:
R1: 1.0850
R2: 1.0875
R3: 1.0900
Support levels:
S1: 1.0800
S2: 1.0780
S3: 1.0750
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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