Recently, the EUR/USD pair has been trading sideways at the price of 1.1688. According to the H1 time – frame, I found a potential intraday bearish flag in creation, which is a sign that buying looks risky. I also found a hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for a potential breakout of the bearish flag to confirm a further downward movement. The downward target is set at the price of 1.1615.
Resistance levels:
R1: 1.1740
R2: 1.1780
R3: 1.1820
Support levels:
S1: 1.1664
S2: 1.1627
S3: 1.1587
Trading recommendations for today: watch for potential selling opportunities.
