FX.co ★ EUR/USD Intraday Technical Levels for August 8, 2012

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.2445.

Strong Resistance: 1.2438.

Original Resistance: 1.2426.

Inner Sell Area: 1.2414.

Target Inner Area: 1.2385.

Inner Buy Area: 1.2355.

Original Support: 1.2344.

Strong Support: 1.2331.

Breakout SELL Level: 1.2324.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.2344 and 1.2426 and is accompanied by strong support at 1.2331 and by 1.2438 as strong resistance.

If EUR/USD breaks out and closes below a 1.2324-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2445-level, then this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2355- and at 1.2414 – a SELL position, in this case both targets should be located at the level of 1.2385.

Best regards,