When the European market opens, some economic news will be released such as German PPI m/m, French CPI m/m, French Flash Manufacturing PMI, French Flash Services PMI, German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI, Spanish 10-y Bond Auction, Consumer Confidence.The US will release the economic data too such as the US-Core CPI m/m, US-Unemployment Claims, US-CPI m/m, US-Flash Manufacturing PMI, US-Philly Fed Manufacturing Index, US-Mortgage Delinquencies, US-CB Leading Index m/m, US-Natural Gas Storage, US-Crude Oil Inventories, so amid the reports, EUR/USD will move with medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3803.
Strong Resistance:1.3794.
Original Resistance: 1.3781.
Inner Sell Area: 1.3768.
Target Inner Area: 1.3735.
Inner Buy Area: 1.3702.
Original Support: 1.3689.
Strong Support: 1.3676.
Breakout SELL Level: 1.3667.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3689 and 1.3781. The rate is accompanied by strong support at 1.3676 and by 1.3794 as strong resistance.
If EUR/USD breaks out and closes below the 1.3667 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3803 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 1.3702 and at 1.3768, a SELL position. In this case both targets should be placed at the level of 1.3735.
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.