Long-term review
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When the European market opens, some economic news will be released such as German Import Prices m/m, German Buba Monthly Report.The US will release the economic data too such as the Pending Home Sales m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY's TECHNICAL LEVELS: Breakout BUY Level: 1.3905.
Strong Resistance:1.3896.
Original Resistance: 1.3883.
Inner Sell Area: 1.3870.
Target Inner Area: 1.3837.
Inner Buy Area: 1.3804.
Original Support: 1.3791.
Strong Support: 1.3778.
Breakout SELL Level: 1.3769.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3791 and 1.3883. The rate is accompanied by strong support at 1.3778 and by 1.3896 as strong resistance.
If EUR/USD breaks out and closes below the 1.3769 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3905 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 1.3804 and at 1.3870, a SELL position. In this case both targets should be placed at the level of 1.3837.
Best regards,
Arief Makmur
Official Analyst of InstaForex Group
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