Technical analysis of EUR/USD for May 12, 2014

When the European market opens, there is no economic news will be released today.The US only will release its Federal Budget Balance, so amid the reports, EUR/USD will move low volatility during this day.

TODAY's TECHNICAL LEVELS:
Breakout BUY Level: 1.3827.
Strong Resistance:1.3818.
Original Resistance: 1.3805.
Inner Sell Area: 1.3792.
Target Inner Area: 1.3759.
Inner Buy Area: 1.3726.
Original Support: 1.3713.
Strong Support: 1.3700.
Breakout SELL Level: 1.3691.

DESCRIPTION:
Today EUR/USD has support and resistance at 1.3713 and 1.3805. The rate is accompanied by strong support at 1.3700 and by 1.3818 as strong resistance.
If EUR/USD breaks out and closes below the 1.3691 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3827 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 1.3726 and at 1.3792, a SELL position. In this case both targets should be placed at the level of 1.3759.

Best regards, Arief Makmur Official Analyst of InstaForexGroup InstaForex Group http://instaforex.com

My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

Disclaimer:
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