Like in Japan, today in the European trading session, there is no news from the Eurozone to be released, however when the US Market session starts, there will be the US Pending Home Sales m/m released. As we know, this news will be an indication of the US economy's condition and will influence the tapering issue in the future.
TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3614.
Strong Resistance:1.3606.
Original Resistance: 1.3593.
Inner Sell Area: 1.3580.
Target Inner Area: 1.3548.
Inner Buy Area: 1.3516.
Original Support: 1.3503.
Strong Support: 1.3490.
Breakout SELL level: 1.3482.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3503 and 1.3593. The rate is accompanied by strong support at 1.3490 and by 1.3606 as strong resistance.
If EUR/USD breaks out and closes below 1.3482 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3614 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 1.3516 and at 1.3580, a SELL position. In this case both targets should be located at the level of 1.3548.
Best regards,
Arief Makmur
Official Analyst of InstaForex Group
InstaForex Group
https://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.
