FX.co ★ EUR/USD analysis for April 06, 2017

Recently, the EUR/USD pair has been trading sideways at the price of 1.0665. According to the 4H time frame, I found horizontal base (trading range) between the price of 1.0628 (support) and the price of 1.0701 (resistance). Short-term trend is bearish and my advice is to watch for potential breakout of support and successful re-test to confirm further bearish view. If that happens, downward target will be set at the price of 1.0530.

Resistance levels:

R1: 1.0685

R2: 1.0700

R3: 1.0720

Support levels:

S1: 1.0640

S2: 1.0625

S3: 1.0600

Trading recommendations for today: watch for potential selling opportunities.