EUR/USD has been trading downwards. The price tested the level of 1.1234. Potential oversold condition on the EUR/USD.
According to the H4 time-frame, we found that there is the bullish divergence on the 3/10 oscillator, which is sign that selling looks risky. We also found that EUR/USD did rejection from the very strong support (blue shape) at the price of 1.1245, which adds more potential strength on the EUR. Stochastic is in oversold condition and selling would be bad idea at this stage. Support levels are seen at the price of 1.1228 and 1.1210. Resistance levels are seen at 1.1276 and 1.1322.
Our recommendation: Watch for potential buying opportunities. Upward targets are set at the price of 1.1276 and 1.1322.
The material has been provided by InstaForex Company - www.instaforex.com