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EUR/USD analysis for April 05, 2017

Posted On 05 Apr 2017
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Recently, the EUR/USD pair has been trading sideways at the price of 1.0670. According to the 30M timeframe, I found broken bearish upward channel and bearish engulfing candlestick pattern, which is a sign that buying looks risky. There is also a fake breakout of yesterday’s high, which is another sign of weakness. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.0635.

Resistance levels:

R1: 1.0690

R2: 1.0705

R3: 1.0735

Support levels:

S1: 1.0645

S2: 1.0620

S3: 1.0600

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 April 05, 2017

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