When the European market opens, there will be some news releases: Spanish Manufacturing PMI, Italian Manufacturing PMI, Final Manufacturing PMI. But when the US market opens, th efollowing data will be released: the US Final Manufacturing PMI, Construction Spending m/m, ISM Manufacturing PMI, and the Fed Chairman Bernanke Speaks. So there is a possibility the EUR/USD will move in slow-to moderate volatility way during the European market opening and will move in the moderate to high during the US market open.
TODAY's TECHNICAL LEVEL:
Breakout BUY Level: 1.3655.
Strong Resistance:1.3647.
Original Resistance: 1.3634.
Inner Sell Area: 1.3621.
Target Inner Area: 1.3589.
Inner Buy Area: 1.3557.
Original Support: 1.3544.
Strong Support: 1.3531.
Breakout SELL Level: 1.3523.
DESCRIPTION :
Today EUR/USD has support and resistance at 1.3544 and 1.3634. The rate is accompanied by strong support at 1.3531 and by 1.3647 as strong resistance. If EUR/USD breaks out and closes below 1.3523 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3655 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 1.3557, and at 1.3621, a SELL position. In this case both targets should be located at the level of 1.3589.
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.
