EUR/USD analysis for April 12, 2017

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Recently, the EUR/USD pair has been trading sideways at the price of 1.0600. According to the 4H time frame, I found a bearish flag formation inside of downward channel, which is a sign that sellers are in control and that buying looks risky. My advice is to watch for potential selling opportunitties. The short-term trend is downward.

Resistance levels:

R1: 1.0630

R2: 1.0640

R3: 1.0655

Support levels:

S1: 1.0600

S2: 1.0585

S3: 1.0575

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 12, 2017

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