At the European market open there will be release of some economic data's from the wurozone such as German Retail Sales m/m, French Consumer Spending m/m, Italian Monthly Unemployment Rate, Italian Quarterly Unemployment Rate, CPI Flash Estimate y/y, Unemployment Rate, Italian Prelim CPI m/m, but at the US market today they are already closed because the Thanksgiving Day. So we predict the EUR/USD price will move in a moderate volatility conditions during the European session but will move in a slow condition during the US session as long as no intervention from the "big player". Then the price of this currency will move in slow condition and tend to be choppy at the US market session.
TODAY's TECHNICAL LEVEL :
Breakout BUY Level: 1.3676.
Strong Resistance:1.3668.
Original Resistance: 1.3655.
Inner Sell Area: 1.3642.
Target Inner Area: 1.3610.
Inner Buy Area: 1.3578.
Original Support: 1.3565.
Strong Support: 1.3552.
Breakout SELL Level: 1.3544.
DESCRIPTION :
Today EUR/USD has support and resistance at 1.3565 and 1.3655. The rate is accompanied by strong support at 1.3552 and by 1.3668 as strong resistance.
If EUR/USD breaks out and closes below 1.3544 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3676 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 1.3578 and at 1.3642, a SELL position. In this case both targets should be located at the level of 1.3610.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies 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.
