The pair is still trading in a low-volatility consolidation pattern between 1.0950 and 1.1150, and it drifted higher yesterday to finish at 1.160for a small gain of 8 pips–0.08%.Investors are trading the pair totally based upon technical analysis in the absence of major events from the Eurozone and US.
The German Final CPI came in line with expectations at 0.1%, while the WPI beat the consensus estimate of 0.3% with a reading of 0.6% yesterday.
Today on Wednesday, the investors are recommended to monitor the following events:
• German Final CPI m/m
• German WPI m/m
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 (12h July, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1056
– Still Active Sell @ 1.1150
o Take Profit:
1st @ 1. 1020
o Stop Loss 1.1200