When the European market opens, some economic news will be released such as French Gov Budget Balance, French Trade Balance. The US will release economic data too such as the NFIB Small Business Index, JOLTS Job Openings, so amid the reports, EUR/USD will move with low volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3810.
Strong Resistance:1.3801.
Original Resistance: 1.3788.
Inner Sell Area: 1.3775.
Target Inner Area: 1.3742.
Inner Buy Area: 1.3709.
Original Support: 1.3596.
Strong Support: 1.3682.
Breakout SELL Level: 1.3674.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3596 and 1.3788. The rate is accompanied by strong support at 1.3682 and by 1.3801 as strong resistance.
If EUR/USD breaks out and closes below the 1.3674 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3810 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 1.3709 and at 1.3775, a SELL position. In this case both targets should be placed at the level of 1.3742.
Best regards,
Official Analyst of InstaForex Group
InstaForex Group
http://instaforex.com
For 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.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/USD for April 08, 2014 . Thanks for your support on Technical analysis of EUR/USD for April 08, 2014
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