The EURUSD remained bearish on Thursday as the Euro as a single currency lost momentum on worse than expected economic figure. The Industrial production report released on Thursday showed that seasonally adjusted industrial production fell by 0.8% in the Euro zone.  Euro zone banks will remain closed on 13^th May, 2016 in observance of Whit Monday. On that note, there is likely to be less volatility and thin trading volume in the market.

Technical Overview:

On Thursday, the EURUSD tumbled and traded at 1.1375. The pair is holding just above a 61.8% Fibonacci support level at 1.1365. It lost almost -45 pips from an opening price of 1.1423 and the high to low movement was 57 pips for the pair. Currently, the pair is consolidating in a small trading range of 1.1425 – 1.1370. Investors are recommended to take buying positions only above 1.1375 and selling positions only below 1.1350.

Daily Trading Range:

1.1540 – 1.1265

Daily Support & Resistance Levels

R3: 1.1443

R2: 1.1461

R1: 1.1520

Pivot Point: 1.1413

S1: 1.1360

S2: 1.1334

S3: 1.1280

 Trading Recommendation:

• Sell Stop @ 1.1345
  • Take Profit 1.1315
  • Stop Loss  1.1380