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FX.co ★ Technical analysis of EUR/USD for January 03, 2014

Technical analysis of EUR/USD for January 03, 2014

Technical analysis of EUR/USD for January 03, 2014

Today from the Euro Zone we will receive such news like Spanish Unemployment Change, M3 Money Supply y/y, Private Loans y/y, Italian Prelim CPI m/m; and from the US market we will get such data as the US Natural Gas Storage, US Crude Oil Inventories. We predict the EUR/USD price will move in a medium volatility today.

TODAY's TECHNICAL LEVEL:

Breakout BUY Level: 1.3729.

Strong Resistance:1.3720.

Original Resistance: 1.3707.

Inner Sell Area: 1.3694.

Target Inner Area: 1.3661.

Inner Buy Area: 1.3628.

Original Support: 1.3615.

Strong Support: 1.3602.

Breakout SELL Level: 1.3593.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3615 and 1.3707. The rate is accompanied by strong support at 1.3602 and by 1.3720 as strong resistance. If EUR/USD breaks out and closes below the 1.3593 level today, it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3729 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 1.3628 and at 1.3694, a SELL position. In this case both targets should be located at the level of 1.3661.

Best regards,

Arief Makmur

Official Analyst of InstaForex Companies Group

InstaForex Companies Group

https://instaforex.com

blog.mt5.com/arief

https://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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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