FX.co ★ EUR/USD Intraday Technical Levels for August 17, 2012

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.2417.

Strong Resistance: 1.2410.

Original Resistance: 1.2398.

Inner Sell Area: 1.2386.

Target Inner Area: 1.2357.

Inner Buy Area: 1.2328.

Original Support: 1.2316.

Strong Support: 1.2304.

Breakout SELL Level: 1.2297.

DESCRIPTION:

At the moment EUR/USD has support and resistance at 1.2316 and 1.2398 and is accompanied by strong support at 1.2304 and by 1.2410 as strong resistance.

If EUR/USD breaks out and closes below a 1.2297-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2417-level, then this will denote high bullish strength. Alternatively for advance traders, you can trade in a way to open a BUY position at the level of 1.2328 and at 1.2386 – a SELL position, in this case both targets should be located at the level of 1.2357.

Best regards,