When the European market opens, some economic news will be released such as CPI y/y, Core CPI y/y, German Buba Monthly Report. The US will release the economic data too such as the US-Empire State Manufacturing Index, US-TIC Long-Term Purchases, US-Capacity Utilization Rate, US-Industrial Production m/m, US-NAHB Housing Market Index, so amid the reports, EUR/USD will move with low volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3975.
Strong Resistance:1.3966.
Original Resistance: 1.3953.
Inner Sell Area: 1.3940.
Target Inner Area: 1.3907.
Inner Buy Area: 1.3874.
Original Support: 1.3861.
Strong Support: 1.3848.
Breakout SELL Level: 1.3839.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3861 and 1.3953. The rate is accompanied by strong support at 1.3848 and by 1.3966 as strong resistance.
If EUR/USD breaks out and closes below the 1.3839 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3975 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 1.3874 and at 1.3940, a SELL position. In this case both targets should be placed at the level of 1.3907.
Best regards,
Official Analyst of InstaForex Group
InstaForex Group
https://instaforex.com
For discussion and more analysis go to: blog.mt5.com/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.
