When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, PPI m/m, Revised GDP q/q. The US will release the economic data too such as the ADP Non-Farm Employment Change, Trade Balance, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, Beige Book , so amid the reports, EUR/USD will move medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3685.
Strong Resistance:1.3677.
Original Resistance: 1.3664.
Inner Sell Area: 1.3651.
Target Inner Area: 1.3619.
Inner Buy Area: 1.3587.
Original Support: 1.3574.
Strong Support: 1.3561.
Breakout SELL Level: 1.3553. DESCRIPTION:
Today EUR/USD has support and resistance at 1.3574 and 1.3664. The rate is accompanied by strong support at 1.3561 and by 1.3677 as strong resistance.
If EUR/USD breaks out and closes below the 1.3553 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3685 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3587 and at 1.3651, a SELL position. In this case both targets should be placed at the level of 1.3619. Best regards, Arief Makmur Official Analyst of InstaForexGroup InstaForex Group http://instaforex.com email: [email protected] For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief
Disclaimer:
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