EURUSD fell below its strong support level of 1.1045 and slipped dramatically to drop -84 pips of an opening value of 1.1054. Although, the pair moved in a daily trading range of 88 pips with a high of 1.1.0578 and a low of 1.1.0969 on Friday.
Today on Monday, we are anticipating a very sharp volatility in the market particularly in the Euro currency pairs as ECB president Mario Draghi will be speaking about Monetary Policy. Traders, I would recommend you all, to stay alerted as the market is expected to give very profitable possibilities.
Today on Monday, the investors are suggested to observe the subsequent events:
• Italian Trade Balance
• Final CPI y/y
• Final Core CPI y/y
• ECB President Draghi Speaks (Most Important)
• Empire State Manufacturing Index
• Capacity Utilization Rate
• Industrial Production m/m
• FOMC Member Fischer Speaks
As recommended in the earlier report, the EURUSD fell after achieving 23.6% retracement and currently it is expected to target 1.0935. Besides in the daily chart, we can see a bearish marubozu candlestick pattern demonstrating that sellers are looming in the area. The significant resistance is seen around 1.1065, whilst the support prevails at 1.0975 & 1.0925.
Daily Trading Range
1.1310 – 1.1025
Daily Support & Resistance Levels
Pivot Point: 1.1025
Sell Stop: 1.1010
1st @ 1.0935
Stop Loss @ 1.1035