10.03.201407:43 Forex Analysis & Reviews: Technical analysis of EUR/USD for March 10, 2014

Long-term review

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When the European market opens, some economic news will be released such as French Industrial Production m/m, Italian Industrial Production m/m, Sentix Investor Confidence, Eurogroup Meetings results.Today, the US will not release any economic data, so amid the reports, EUR/USD will have low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3944.

Strong Resistance:1.3935.

Original Resistance: 1.3922.

Inner Sell Area: 1.3909.

Target Inner Area: 1.3876.

Inner Buy Area: 1.3843.

Original Support: 1.3830.

Strong Support: 1.3817.

Breakout SELL Level: 1.3808.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3830 and 1.3922 correspondingly. The rate is accompanied by strong support at 1.3817 and by 1.3935 as the strong resistance level.

If EUR/USD breaks out and closes below the 1.3808 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3944 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 levels of 1.3843 and at 1.3909, a SELL position. In this case both targets should be placed at the level of 1.3876.

Best regards,

Arief Makmur

Official Analyst of InstaForexGroup

InstaForex Group

http://instaforex.eu

For discussion and more analysis go to: blog.mt5.com/arief

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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