EUR/USD analysis for November 08, 2017

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Recently, the EUR/USD has been trading sideways at the price of 1.1590. According to the 15M time – frame, I found that price failed to test pivot resistance 1 at the level of 1.1617, which is sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.550 (pivot support 1) and at the price of 1.1524 (pivot support 2).

Resistance levels:

R1: 1.1617

R2: 1.1647

R3: 1.1687

Support levels:

S1: 1.1550

S2: 1.1524

S3: 1.1495

Trading recommendations for today: watch for potential selling opportunities.

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

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