FX.co ★ Technical analysis of EUR/USD for February 21, 2014

When the European market opens, there is no economic data news to be released today.The US will release the economic data as the US-Existing Home Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day because this is the Third Friday in this month means many options will be expired.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3785.

Strong Resistance:1.3776.

Original Resistance: 1.3763.

Inner Sell Area: 1.3750.

Target Inner Area: 1.3717.

Inner Buy Area: 1.3684.

Original Support: 1.3671.

Strong Support: 1.3658.

Breakout SELL Level: 1.3649.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3671 and 1.3763. The rate is accompanied by strong support at 1.3658 and by 1.3776 as strong resistance.

If EUR/USD breaks out and closes below the 1.3649 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3785 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 1.3684 and at 1.3750, a SELL position. In this case both targets should be placed at the level of 1.3717.

Disclaimer:

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