Recently, the EUR/USD has been trading downwards. The price tested the level of 1.1371. According to the 4H time frame, I found broken upward trendline in the background, which is a sign that buying looks risky. I have placed Fibonacci levels to find potential downward targets. I got Fibonacci retracement 38.2% at the price of 1.1320. Watch for selling opportunities on the rallies.
Resistance levels:
R1: 1.1427
R2: 1.1435
R3: 1.1440
Support levels:
S1: 1.1420
S2: 1.1417
S3: 1.1405
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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