When the European market opens, some economic news will be released such as German Trade Balance, ECOFIN Meetings.The US will release the economic data too such as the US-NFIB Small Business Index, US-JOLTS Job Openings, US-Wholesale Inventories m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3942.
Strong Resistance:1.3933.
Original Resistance: 1.3920.
Inner Sell Area: 1.3907.
Target Inner Area: 1.3874.
Inner Buy Area: 1.3841.
Original Support: 1.3828.
Strong Support: 1.3815.
Breakout SELL Level: 1.3806.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3828 and 1.3920. The rate is accompanied by strong support at 1.3815 and by 1.3933 as strong resistance.
If EUR/USD breaks out and closes below the 1.3806 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3942 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 1.3841 and at 1.3907, a SELL position. In this case both targets should be placed at the level of 1.3874.