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.
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
Buy above 1.1375
- Take Profit 1.1510
- Stop Loss 1.1365