A few hours after the London Session is opened, in the Euro Zone data on the Industrial Production m/m will be released and a few hour before the US Market opens German Buba President Weidmann speaks; and there will be no news from the US market, so for today we predict the EUR/USD price action will move in a moderate way.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3501.
Strong Resistance:1.3493.
Original Resistance: 1.3480.
Inner Sell Area: 1.3467.
Target Inner Area: 1.3435.
Inner Buy Area: 1.3403.
Original Support: 1.3390.
Strong Support: 1.3377.
Breakout SELL Level: 1.3369.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3390 and 1.3480. The rate is accompanied by strong support at 1.3377 and by 1.3493 as strong resistance.
If EUR/USD breaks out and closes below 1.3369 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3501 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 1.3403 and at 1.3467, a SELL position. In this case both targets should be located at the level of 1.3435.
Best regards,
Arief Makmur
Official Analyst of InstaForex
InstaForex
https://instaforex.com
Email: Arief.jakarta@indo.instaforex.com
blog.mt5.com/arief
https://www.mt5.com/forex_analysis_award/profile/index/arief
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
