Recently, the EUR/USD has been trading sideways at the price of 1.1852. According to the 30M time - frame, I found that price has broken the upward trendline in the background, which is a sign that buying looks risky. I also found a bearish flag pattern in creation, which is another sign of weakness. My advice is to watch for potential selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got FE 61.% at the price of 1.1824, FE 100% at the price of 1.1793 and FE 161.8% at the price of 1.1740.
Resistance levels:
R1: 1.1884
R2: 1.1905
R3: 1.1945
Support levels:
S1: 1.1825
S2: 1.1790
S3: 1.1765
Trading recommendations for today: watch for potential selling opportunities.
