This analysis is about the intraday key support/resistance levels for EUR/USD . The stronger ones are underlined. These levels are identified as per technical outlook and the discerned movement till date that includes the fundamental analysis also. These levels therefore give you a high probability case for a price to bounce/pull back (by 5-20 pips) when it reaches these levels for the first time in the day. So follow these levels and make better trade set ups!
Tuesday's high 1.3771, low 1.3688, pivot 1.3760, total pips 83
1.3689, 1.3672/77, 1.3637, 1.3587
1.3719/20, 1.3729, 1.3737, 1.3753, 1.3771, 1.3782, 1.3796/1.3802
1.3700 was not difficult yesterday and 3688 happened unexpectedly yesterday itself. However, this reconfirms the strength of the ongoing bear trend. With Euro CPI data today the downward movement can accelerate further if CPI numbers are weak enough. Likewise, positive figures can slow down the downward movement and price may try an intraday resistance 1.3750/70. Also, a correction in daily is due now so watch out for that. At the downside, crossing 1.3670 will not be easy today and considering the past reaction to this level, good buyers are expected there.
today's data: -
06.00 Harmoniesed CPII, CPI, Germany
06.45 CPI, France
07.00 CPI, Spain
09.00 Industrial production, EURO
11.00 MBA mortgage app, US
12.30 PPI, US
LEVEL HISTORY of May 13, 2014
1.3746/50 bounced by 7 pips, result : positive
1.3771 bounced by 20-50 pips, result : positive
1.3737 broken, result negative
1.3720 broken, result : negative
(stop loss for all was 10 pips)
Some more tips tips to trade the levels : keep a standard stop loss of 10 pips and manage this as per the dominant trend of the day / week. Eg. is market is in a strong bearish trend then its better to bet on resistances then on supports. The important economic data should be considered for intraday trading. so pl mind the data if price is close to your PO (pending orders) and data is not in your favor.