The eurozone will release some economic data such as French Trade Balance, French 10-y Bond Auction, German Industrial Production m/m, Minimum Bid Rate with the ECB Press Conference. Please pay attention that during the ECB Minimum bid rate and after that the ECB press conference there will be lots of activity and volatility/ The US will release some economic data such as US-Unemployment Claims, US-Natural Gas Storage, and the US-30-y Bond Auction. On the basis of this information, there is probability for the EUR/USD today to move with moderate to high volatility.
TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3639.
Strong Resistance:1.3631.
Original Resistance: 1.3618.
Inner Sell Area: 1.3605.
Target Inner Area: 1.3573.
Inner Buy Area: 1.3541.
Original Support: 1.3528.
Strong Support: 1.3515.
Breakout SELL level: 1.3507.
DESCRIPTION :
Today EUR/USD has support and resistance at 1.3528 and 1.3618. The rate is accompanied by strong support at 1.3515 and by 1.3631 as strong resistance.
If EUR/USD breaks out and closes below 1.3507 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3639 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 1.3541 and at 1.3605, a SELL position. In this case both targets should be located at the level of 1.3573.
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.
