Technical analysis of EUR/USD for March 05, 2014 2014-03-04 !EU0503014.jpg When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m, Revised GDP q/q. The US will release the economic data too such as the US-ADP Non-Farm Employment Change, US-Final Services PMI, US-ISM Non-Manufacturing PMI, Crude Oil Inventories, US-Beige Book, so amid the reports, EUR/USD will move with medium volatility during this day. TODAYs TECHNICAL LEVELS: Breakout BUY Level: 1.3807. Strong Resistance:1.3798. Original Resistance: 1.3785. Inner Sell Area: 1.3772. Target Inner Area: 1.3739. Inner Buy Area: 1.3706. Original Support: 1.3693. Strong Support: 1.3680. Breakout SELL Level: 1.3671. DESCRIPTION: Today EUR/USD has support and resistance at 1.3693 and 1.3785. The rate is accompanied by strong support at 1.3680 and by 1.3798 as strong resistance. If EUR/USD breaks out and closes below the 1.3671 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3807 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 1.3706 and at 1.3772, a SELL position. In this case both targets should be placed at the level of 1.3739. Best regards,
Posted on: Wed, 05 Mar 2014 11:12:01 +0000
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