EUR/USD analysis for January 15, 2018

Recently, the EUR/USD has been trading upwards. The price tested the level of 1.2296. According to the 30M time – frame, I found rejection from the pivot resistance 1 at the price of 1.2265, which his sign that buying looks risky. I also found an overbought stochastic, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2150 (pivot level) and at the price of 1.2080 (pivot support 1).

Resistance levels:

R1: 1.2265

R2: 1.2335

R3: 1.2450

Support levels:

S1: 1.2080

S2: 1.1960

S3: 1.1890

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: EUR/USD analysis for January 15, 2018