When the European market opens, some economic news will be released such as Spanish Manufacturing PMI, Italian Manufacturing PMI, Final Manufacturing PMI, Unemployment Rate. The US will release the economic data too such as the Factory Orders m/m, Average Hourly Earnings m/m, Unemployment Rate, Non-Farm Employment Change, so amid the reports, EUR/USD will move with medium to high volatility during this day.
TODAY's TECHNICAL LEVELS:Breakout BUY Level: 1.3936.
Strong Resistance:1.3927.
Original Resistance: 1.3914.
Inner Sell Area: 1.3901.
Target Inner Area: 1.3868.
Inner Buy Area: 1.3835.
Original Support: 1.3822.
Strong Support: 1.3809.
Breakout SELL Level: 1.3800.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3822 and 1.3914. The rate is accompanied by strong support at 1.3809 and by 1.3927 as strong resistance.
If EUR/USD breaks out and closes below the 1.3800 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3936 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 1.3835 and at 1.3901, a SELL position. In this case both targets should be placed at the level of 1.3868.
Best regards,
Arief Makmur
Official Analyst of InstaForex Group InstaForex Group https://instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: 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.
