On Tuesday, I am expecting a slightly bullish move in EURUSD pair. It’s very likely to target 1.1150. Investors are trading the pair totally based upon technical analysis in the absence of major events from the Eurozone and US.
Previously on Monday, the pair maintained a bullish momentum on a weaker dollar. Quoting previous analysis “The U.S. Non-Farm Employment grew by 287,000 in June beating the expectation by a significant amount following the disappointing reading of May but the unemployment rate increased to 4.9%. I am expecting a slightly bearish trend in dollar today on Monday.“
Today on Tuesday, the investors are recommended to monitor the following events:
• German Final CPI m/m
• German WPI m/m
• FOMC Member Bullard Speaks
• JOLTS Job Openings
EURUSD is still maintaining its trading range of 1.1160 – 1.1025 and consolidating below its prior trend channel. The resistance still prevails at 1.1085, 1.1150 and around 1.1185. Further, the pair is likely to find a support at 1.1000 and below that at 1.0960.
Previous Analysis Reference: I am expecting a slightly bearish trend in dollar today on Monday (11h July, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1056
– Sell @ 1.1150
o Take Profit:
1st @ 1. 1020
o Stop Loss 1.1200