Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1723. Anyway, according to the H1 time – frame, I found potential end of upward correction, which is a sign that buying at this stage looks risky. I also found a hidden bearish divergence on the MACD oscillator in creation, which is another sign of weakness. My advice is to watch for potential breakout of the upward trendline to confirm a further downward movement. The downward targets are set at the price of 1.1640 and at the price of 1.1600.
Resistance levels:
R1: 1.1701
R2: 1.1720
R3: 1.1738
Support levels:
S1: 1.1665
S2: 1.1645
S3: 1.1627
Trading recommendations for today: watch for potential selling opportunities.
