Hi Friends, 

This analysis is about the intraday key support/resistance levels for EUR/USD . 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 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!

Monday's high 1.3608, low 1.3575,  Pivot 1.3595  total pips 33

Main supports:-

1.3595/97, 1.3570/75, 1.3550, 1.3520

Main Resistances

1.3620, 1.3629, 1.3647/49, 1.3670

1.3570 was again strong which means buyers are active as much as sellers. 1 hr and 4 hr have a neutral stance right now as such price may go further up to 1.3620-30 from where bounce back to 1.3600 should happen but a cross of the same level will lead to 1.3650 weakening the downside in the near term . However, the downside momentum exists in daily although not so strong. As mentioned before we need a daily closing below 1.3570 for a bearish momentum for reaching 1.3500. For today, 1.3630 on the upside and 1.3570 on the downside should be good. 

today's data:-

GMT 
06.00  current account, trade balance,  Germany
06.45  budget and trade balance, Italy
11.30  NFIB business optimism, US
 
Level history of July 07, 2014
 
1.3595   bounced by 12 pips , result : positive
other levels were not touched

 

Some more 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.  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.

Views: 195

Comment by Lanre Bello on July 8, 2014 at 4:32am
Exactly. Nice one :)

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