FX.co ★ Intraday technical levels for EUR/USD for December 20, 2013

After the Fed announced the tapering, which will start in January 2014 and they just only cut $10 billion, the market is already satisfied because all the market participants have a clear direction especially in Mr. Bernanke speech have a veiled message that they will start with a hawkish policy in 2015. Today EUR/USD seems moving with low to moderate volatility at the European session and with moderate volatility at the US session because the Euro Zone will release some data like German PPI m/m; GfK German Consumer Climate; EU Economic Summit; Italian Retail Sales m/m; Consumer Confidence; and the US will report such the US-Final GDP q/q; Fed Chairman Nomination Vote.

TODAY's TECHNICAL LEVELS:

Breakout BUY level: 1.3698.
Strong Resistance:1.3690.
Original Resistance: 1.3677.
Inner Sell Area: 1.3664.
Target Inner Area: 1.3632.
Inner Buy Area: 1.3600.
Original Support: 1.3587.
Strong Support: 1.3574.
Breakout SELL level: 1.3566.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3587 and 1.3677. The rate is accompanied by strong support at 1.3574 and by 1.3690 as strong resistance.

If EUR/USD breaks out and closes below 1.3566 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3698 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 1.3600 and at 1.3664, a SELL position. In this case both targets should be located at the level of 1.3632.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

https://instaforex.com

blog.mt5.com/arief

https://www.mt5.com/forex_analysis_award/profile/index/arief

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