EUR/USD Intraday Technical Levels for August 7, 2012
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.2447.
Strong Resistance: 1.2440.
Original Resistance: 1.2428.
Inner Sell Area: 1.2416.
Target Inner Area: 1.2387.
Inner Buy Area: 1.2357.
Original Support: 1.2346.
Strong Support: 1.2333.
Breakout SELL Level: 1.2326.
At the moment EUR/USD has support and resistance at 1.2346 and 1.2428 and is accompanied by strong support at 1.2333 and by 1.2440 as strong resistance.
If EUR/USD breaks out and closes below a 1.2326-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2447-level, then this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2357- and at 1.2416– a SELL position, in this case both targets should be located at the level of 1.2387.
Performed by Ариф Макмур, Analytical expert
InstaForex Companies Group © 2007-2011
Types of Analysis: Technical analysis
Experience: 8 years
Analytical Credo: If not broke; don't fix it !