For today we should beware the FOMC meeting tonight, because this time they will want make a decision about the tapering for their QE from $85 billion to $75 billion. The FRS will reduce QE approximately by $10 billion, but we do not know exactly we will see the result tonight or not. However, we believe the market will move in a range and provide choppy situation until the meeting this night. Suggestion is waiting for the news release and do not open any positions in an hour after the meeting. However, if you already have a floating position from the previous day, you should tight your risk and set your Stop Loss level during this FOMC meeting .
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3422.
Strong Resistance: 1.3414.
Original Resistance: 1.3401.
Inner Sell Area: 1.3388.
Target Inner Area: 1.3356.
Inner Buy Area: 1.3324.
Original Support: 1.3311.
Strong Support: 1.3298.
Breakout SELL Level: 1.3290.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3311 and 1.3401. The rate is accompanied by strong support at 1.3298 and by 1.3414 as strong resistance. If EUR/USD breaks out and closes below the 1.3290 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3422 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 1.3324 and at 1.3388, a SELL position. In this case both targets should be located at the level of 1.3356.
Best regards,
Official Analyst of InstaForex Group
InstaForex Group
https://instaforex.com
Email: Arief.jakarta@indo.instaforex.com
blog.mt5.com/arief
https://www.mt5.com/forex_analysis_award/profile/index/arief
Disclaimer:
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