When the European market opens, some economic news will be released such as Italian Trade Balance, Trade Balance, and German 10-y Bond Auction. The US will release the economic data too such as the PPI m/m, Core PPI m/m, TIC Long-Term Purchases, Capacity Utilization Rate, Industrial Production m/m, Fed Chair Yellen Testifies, NAHB Housing Market Index, Crude Oil Inventories, and Beige Book. So, amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3635.
Strong Resistance:1.3627.
Original Resistance: 1.3614.
Inner Sell Area: 1.3601.
Target Inner Area: 1.3569.
Inner Buy Area: 1.3537.
Original Support: 1.3524.
Strong Support: 1.3511.
Breakout SELL Level: 1.3503.
DESCRIPTION:
Today, EUR/USD has support at 1.3524 and resistance is at 1.3614. The rate is accompanied by strong support at 1.3511 and by 1.3627 as strong resistance.
Today, EUR/USD has support at 1.3524 and resistance is at 1.3614. The rate is accompanied by strong support at 1.3511 and by 1.3627 as strong resistance.
If EUR/USD breaks out and closes below the 1.3503 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3635 level, then it will denote high bullish strength. Alternatively, for advanced traders, you can trade in a way to open a BUY position at the level of 1.3537 and a SELL position at 1.3601. In this case both targets should be placed at the level of 1.3569. 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 July 16, 2014 . Thanks for your support on Technical analysis of EUR/USD for July 16, 2014
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