FX.co ★ EUR/USD analysis for May 04, 2017

Recently, the EUR/USD pair has been trading upward. The price tested the level of 1.0941. Anyway, according to the 1H time frame, I found strong resistance near the price of 1.0940, which is a sign that buying at this stage looks risky. I found a supply trendline and horizontal cluster. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.0875.

Resistance levels:

R1: 1.0935

R2: 1.0955

R3: 1.0975

Support levels:

S1: 1.0890

S2: 1.0875

S3: 1.0855

Trading recommendations for today: watch for potential selling opportunities.