The Euro maintained bullish momentum against the USD on Wednesday recovering previous day losses. There were no major economic reports on Wednesday from Euro zone. The market decided its moves based upon technical levels.  Traders will be looking for low impacted economic events from Euro zone that are due on Thursday including Industrial Production, French Inflation and German WPI.

12th May

Technical Overview:

On Wednesday, the EURUSD soared to trade at 1.1437 after testing a strong trend line support level of 1.1370. It added almost 55 pips to an opening price of 1.1373 and the high to low movement was 73 pips for the pair. Currently, the pair is heading towards a target level of 1.1530. Investors are recommended to take buying positions only above 1.1375. 

Daily Trading Range:

1.1540 – 1.1265

Daily Support & Resistance Levels

S1:  1.1388              S2: 1.1371                  S3: 1.1343

Pivot Point: 1.1417

R1: 1.1445               R2: 1.1462               R3: 1.1490

Trading Recommendation:

Buy above       1.1375

  • Take Profit     1.1510
  • Stop Loss         1.1365

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