When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m, French 10-y Bond Auction, and Minimum Bid Rate.The US will release its Non-Farm Employment Change, Unemployment Claims, Unemployment Rate, Trade Balance, Average Hourly Earnings m/m, Final Services PMI, ISM Non-Manufacturing PMI, and Natural Gas Storage data. So amid the reports, EUR/USD is seen to move medium to high volatility during this day.
Today's technical levels:
Breakout BUY Level: 1.3721.
Strong Resistance:1.3712.
Original Resistance: 1.3699.
Inner Sell Area: 1.3686.
Target Inner Area: 1.3653.
Inner Buy Area: 1.3620.
Original Support: 1.3607.
Strong Support: 1.3594.
Breakout SELL Level: 1.3585.
Description:
Today EUR/USD has support and resistance at 1.3607 and 1.3699. The rate is accompanied by strong support at 1.3594 and by 1.3712 as strong resistance.
If EUR/USD breaks out and closes below the 1.3585 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3721 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 1.3620 and at 1.3686, a SELL position. In this case both targets should be placed at the level of 1.3653. 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 03, 2014 . Thanks for your support on Technical analysis of EUR/USD for July 03, 2014
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