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!

Thursday high 1.3393, low 1.3332, pivot 1.3366, total pips : 59

Main supports:-

1.3342, 1.3320, 1.3295, 1.3277

Main Resistances

1.3364, 1.3391, 1.3421, 1.3448, 1.3487

Draghi's dovish talk made the market re attempt the main support of 1.3332. The bulls are still strong though. 1 hr and 4 hr have the momentum but at the same time a correction is due at the daily. However, the potential to go till 1.3290 for today is there. A third bounce from 1.3332 will confirm strong correction upward and with a minimum limit of 1.3490 in the mid term.  Keeping a close tab of the price action is very important for today. 

GMT 

06.00   Trade balance, Germany 

Level History

1.3366  bounced by 10 pips, result : positive 

1.3335 bounced by 10 pips, result : positive

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: 134

Comment by SAI HARI on August 8, 2014 at 7:57am
what u think about gbp/usd?

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