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When the European market opens, some economic news will be released such as German Retail Sales m/m, M3 Money Supply y/y, Private Loans y/y, CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Italian Prelim CPI m/m. The US will release the economic data too such as the Chicago PMI, 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: 1.3707.
Strong Resistance:1.3699.
Original Resistance: 1.3686.
Inner Sell Area: 1.3673.
Target Inner Area: 1.3641.
Inner Buy Area: 1.3609.
Original Support: 1.3596.
Strong Support: 1.3583.
Breakout SELL Level: 1.3675.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3596 and 1.3686. The rate is accompanied by strong support at 1.3583 and by 1.3699 as strong resistance.
If EUR/USD breaks out and closes below the 1.3675 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3707 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 1.3609 and at 1.3673, a SELL position. In this case both targets should be placed at the level of 1.3641.
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 30, 2014
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