FX.co ★ EUR/USD Technical Analysis. Support And Resistance Levels For March 16/2011

TODAY TECHNICAL LEVEL :

Breakout Buy level : 1.4056.
Strong Resistance : 1.4047.
Original Resistance : 1.4034.
Inner Sell Area : 1.4020.
Target Inner Area : 1.3987.
Inner Buy Area : 1.3953.
Original Support : 1.3940.
Strong Support : 1.3926.
Breakout Sell level : 1.3918

TODAY OUTLOOK :

It looks like today the EUR/USD wants to test its last channel at 1.3956; if this level can hold this pair and provide a strong support for today, it will cause the EUR/USD to go up again and the pair will test the 3 days high at 1.4015, and if this level can be broken out, this will indicate the bullish situation for the EUR/USD is back. On the other hand if the 1.3956 level cannot handle the downside movement of this pair and the EUR/USD closes below this level, it will indicate that the upside movement of this pair will be held.

TODAY SUGGESTION :

BUY if the EUR/USD can break out and close above 1.4015 and set Take profit at 1.4025 as the first target and 1.4050 as the second target.

SELL if the EUR/USD can break out and close below 1.3956 and set Take profit at 1.3945 as the first target and 1.3925 as the second target.