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 13th May, 2016 in observance of Whit Monday. On that note, there is likely to be less volatility and thin trading volume in the market.
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
Pivot Point: 1.1413
- Sell Stop @ 1.1345
- Take Profit 1.1315
- Stop Loss 1.1380