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!
Wednesday's high 1.3730, low 1.3697, pivot 1.3720, total pips 33
1.3713, 1.3701/1.3697, 1.3680/75, 1.3664, 1.3645
1.3727/30, 1.3737, 1.3746, 1,3763, 1.3771, 1.3794, 1.3810
Market muted and ranged within 30 pips after German CPI mixed figures. Technically 1, 4 and daily are still in correction mode which can go further today if the GDP and CPI figures are good enough. Upside 1.3763/70 can happen and at the downside, there can be test of 3670. If daily closes below 1.3670, 1.35 this week will not look impossible.However, this needs weaker figures from Euro and some dollar strength too. Economic data today will cause some volatility.
05.30 GDP , France
06.00 GDP, Germany
08.00 ECB monthly report, EURO & GDP,, Italy
09.00 CPI and GDP, EURO
12.30 CPI, jobless claims, NY state empire manufacturing, US
13.00 Total net TIC, US
13.15 Industrial production, US
14.00 NAHB housing market, Philadelphia fed manufacturing, US
Level History of May 14, 2014
1.3720 broken, result : negative
1.3729 bounced by 14 pips, result : positive
other levels were not touched
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 please mind the data if price is close to your PO (pending orders) and data is not in your favor.