FX.co ★ EUR/USD Intraday Technical Levels for August 9, 2012

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.2432.

Strong Resistance: 1.2424.

Original Resistance: 1.2413.

Inner Sell Area: 1.2401.

Target Inner Area: 1.2372.

Inner Buy Area: 1.2342.

Original Support: 1.2338.

Strong Support: 1.2319.

Breakout SELL Level: 1.2311.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.2338 and 1.2413 and is accompanied by strong support at 1.2319 and by 1.2424 as strong resistance.

If EUR/USD breaks out and closes below a 1.2311-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2432-level, then this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2342 and at 1.2401 – a SELL position, in this case both targets should be located at the level of 1.2372.

Best regards,