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When the European market opens, some economic news will be released such as Spanish Unemployment Change, Italian Monthly Unemployment Rate, Italian Quarterly Unemployment Rate, CPI Flash Estimate y/y, Unemployment Rate. The US will release the economic data too such as the Factory Orders m/m, IBD/TIPP Economic Optimism, Total Vehicle Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY’s TECHNICAL LEVELS:
Breakout BUY Level: 1.3661.
Strong Resistance:1.3653.
Original Resistance: 1.3640.
Inner Sell Area: 1.3627.
Target Inner Area: 1.3595.
Inner Buy Area: 1.3563.
Original Support: 1.3550.
Strong Support: 1.3537.
Breakout SELL Level: 1.3529.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3550 and 1.3640. The rate is accompanied by strong support at 1.3537 and by 1.3653 as strong resistance.
If EUR/USD breaks out and closes below the 1.3529 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3661 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 1.3563 and at 1.3627, a SELL position. In this case both targets should be placed at the level of 1.3595.
Arief Makmur Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/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.
Arief Makmur is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
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Performed by Arief Makmur, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of EUR/USD for June 03, 2014
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