After the European market open, there is some news to be released like French Flash Manufacturing PMI; German Flash Manufacturing PMI;Flash Manufacturing PMI; Flash Services PMI. The Consumer Confidence Index is on tap and will be released during the US trading hours. Within the US market session, some news will be released: US - PPI m/m; US - Unemployment Claims; US - Flash Manufacturing PMI; US Natural Gas Storage; and the US - Philly Fed Manufacturing Index . So we predict the price action to move under moderate volatility for the whole day today.
TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3490. Strong Resistance:1.3482. Original Resistance: 1.3469. Inner Sell Area: 1.3456. Target Inner Area: 1.3424. Inner Buy Area: 1.3392. Original Support: 1.3379. Strong Support: 1.3366. Breakout SELL level: 1.3358.
DESCRIPTION:
Today EUR/USD has support and resistance at 1.3379 and 1.3469. The rate is accompanied by strong support at 1.3366 and by 1.3482 as strong resistance. If EUR/USD breaks out and closes below 1.3358 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3490 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 1.3392 and at 1.3456, a SELL position. In this case both targets should be located at the level of 1.3424.
