When the European market opens, they will release some news like French CPI m/m, Industrial Production m/m, Federal Budget Balance , ECB Monthly Bulletin, and the ECB President Draghi Speaks and when the US session opens, there some news like Retail Sales m/m; Unemployment Claims; Import Prices m/m; Business Inventories m/m; Natural Gas Storage; 30-y Bond Auction will be released; both news from European and the US markets have same significant impact; the result is that EUR/USD will move with moderate volatility during the European and the US market sessions.
TODAY's TECHNICAL LEVEL:
Breakout BUY level: 1.3842.
Strong Resistance:1.3834.
Original Resistance: 1.3821.
Inner Sell Area: 1.3808.
Target Inner Area: 1.3775.
Inner Buy Area: 1.3742.
Original Support: 1.3729.
Strong Support: 1.3716.
Breakout SELL level: 1.3707.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3729 and 1.3821. The rate is accompanied by strong support at 1.3716 and by 1.3834 as strong resistance.
If EUR/USD breaks out and closes below 1.3707 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3842 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 1.3742 and at 1.3808, a SELL position. In this case both targets should be located at the level of 1.3775.
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.
