Technical analysis of EUR/USD for February 4, 2014
February 4, 2014 6:30 am
When the European market opens, some economic news will be released such as Spanish Unemployment Change, Italian Prelim CPI m/m, PPI m/m. The US will unveil the most important economic data such as the US-Factory Orders m/m, US-IBD/TIPP Economic Optimism. So amid the reports, the EUR/USD will move low to medium volatility during this day.
Today’s technical levels:
Breakout BUY Level: 1.3589.
Strong Resistance: 1.3581.
Original Resistance: 1.3568.
Inner Sell Area: 1.3555.
Target Inner Area: 1.3523.
Inner Buy Area: 1.3491.
Original Support: 1.3478.
Strong Support: 1.3465.
Breakout SELL Level: 1.3457.
DESCRIPTION:
Today the EUR/USD has support and resistance at 1.3478 and 1.3568. The rate is accompanied by strong support at 1.3465 and by 1.3581 as strong resistance.
If the EUR/USD breaks out and closes below the 1.3457 level today, it will indicate considerable bearish strength. Meanwhile, if it manages to break out and closes above the 1.3589 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 1.3491 and at 1.3555, a SELL position. In this case, both targets should be placed at the level of 1.3523.
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
When the European market opens, some economic news will be released such as Spanish Unemployment Change, Italian Prelim CPI m/m, PPI m/m. The US will unveil the most important economic data such as the US-Factory Orders m/m, US-IBD/TIPP Economic Optimism. So amid the reports, the EUR/USD will move low to medium volatility during this day.
Today’s technical levels:
Breakout BUY Level: 1.3589.
Strong Resistance: 1.3581.
Original Resistance: 1.3568.
Inner Sell Area: 1.3555.
Target Inner Area: 1.3523.
Inner Buy Area: 1.3491.
Original Support: 1.3478.
Strong Support: 1.3465.
Breakout SELL Level: 1.3457.
DESCRIPTION:
Today the EUR/USD has support and resistance at 1.3478 and 1.3568. The rate is accompanied by strong support at 1.3465 and by 1.3581 as strong resistance.
If the EUR/USD breaks out and closes below the 1.3457 level today, it will indicate considerable bearish strength. Meanwhile, if it manages to break out and closes above the 1.3589 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 1.3491 and at 1.3555, a SELL position. In this case, both targets should be placed at the level of 1.3523.
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
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