Technical analysis of EUR/USD for January 23, 2014
January 23, 2014 5:30 am
When the European market opens, some economic news will be released. It will be French Flash Manufacturing PMI, French Flash Services PMI, Spanish Unemployment Rate, German Flash Manufacturing PM, German Flash Services PMI, Current Account, Flash Manufacturing PMI, Flash Services PMI. The US will release some economic data such as the US-Unemployment Claims, US-Flash Manufacturing PMI, US-HPI m/m, US-Existing Home Sales, US-CB Leading Index m/m, US-Natural Gas Storage, US-Crude Oil Inventories, so amid the reports, EUR/USD will move with medium to high volatility during this day.
TODAY’s TECHNICAL LEVELS:
Breakout BUY Level: 1.3603.
Strong Resistance:1.3595.
Original Resistance: 1.3582.
Inner Sell Area: 1.3569.
Target Inner Area: 1.3537.
Inner Buy Area: 1.3505.
Original Support: 1.3492.
Strong Support: 1.3479.
Breakout SELL Level: 1.3471.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3492 and 1.3582. The rate is accompanied by strong support at 1.3479 and by 1.3595 as strong resistance.
If EUR/USD breaks out and closes below the 1.3471 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3603 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 1.3505 and at 1.3569, a SELL position. In this case both targets should be placed at the level of 1.3537.
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. It will be French Flash Manufacturing PMI, French Flash Services PMI, Spanish Unemployment Rate, German Flash Manufacturing PM, German Flash Services PMI, Current Account, Flash Manufacturing PMI, Flash Services PMI. The US will release some economic data such as the US-Unemployment Claims, US-Flash Manufacturing PMI, US-HPI m/m, US-Existing Home Sales, US-CB Leading Index m/m, US-Natural Gas Storage, US-Crude Oil Inventories, so amid the reports, EUR/USD will move with medium to high volatility during this day.
TODAY’s TECHNICAL LEVELS:
Breakout BUY Level: 1.3603.
Strong Resistance:1.3595.
Original Resistance: 1.3582.
Inner Sell Area: 1.3569.
Target Inner Area: 1.3537.
Inner Buy Area: 1.3505.
Original Support: 1.3492.
Strong Support: 1.3479.
Breakout SELL Level: 1.3471.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3492 and 1.3582. The rate is accompanied by strong support at 1.3479 and by 1.3595 as strong resistance.
If EUR/USD breaks out and closes below the 1.3471 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3603 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 1.3505 and at 1.3569, a SELL position. In this case both targets should be placed at the level of 1.3537.
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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