FX.co ★ EUR/USD Intraday Technical Levels for August 20, 2012

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.2390.

Strong Resistance: 1.2383.

Original Resistance: 1.2371.

Inner Sell Area: 1.2359.

Target Inner Area: 1.2330.

Inner Buy Area: 1.2301.

Original Support: 1.2289.

Strong Support: 1.2277.

Breakout SELL Level: 1.2270.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.2289 and 1.2371 and is accompanied by strong support at 1.2277 and by 1.2383 as strong resistance.

If EUR/USD breaks out and closes below a 1.2270-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2390-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 1.2301 and at 1.2359 – a SELL position, in this case both targets should be located at the level of 1.2330.

Best regards,