EUR/USD has been trading downwards. Anyway, we see potential oversold condition at the price of 1.1210 and downside looks very limited.
According to the H1 time – frame, we found potential falling wedge in creation and bullish divergence on the MACD oscillator, which is sign that we might see change in trend dynamic from bearish to bullish. Key short – term support is seen at the price of 1.1177. The potential breakout of the 1.1260 would confirm further upward movement. Resistance levels are seen at 1.1286 and 1.1326.
Trading recommendation: We are long EUR from 1.1224 and with targets at 1.1286-1.1326. Protective stop is placed at 1.1175.The material has been provided by InstaForex Company - www.instaforex.com