The pair maintained its consolidated pattern and traded in a choppy fashion. It finished the muted session at 1.1095 with a small gain of 33 pips 0.30%. EURUSD traded in a small range daily range of 78 pips with a high of 1.1120 and a low of 1.1042. The industrial production of Eurozone fell by more than expected in June, adding to the fears recession following the Brexit results.
Today on Thursday, the investors are recommended to monitor the following events:
• PPI m/m
• Unemployment Claims
• Core PPI m/m
EURUSD continued to trade in its trading range of 1.1160 – 1.1025 and consolidating below its prior trend channel. Resistance is still found at 1.1185, and around 1.1285. Support remains at 1.11, at 1.10, and near 1.09.
Previous Analysis Reference: The previous trade remained in profit of more +65 Pips (13th July, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1083
– Still Active Sell @ 1.1150
o Take Profit:
1st @ 1. 1020
o Stop Loss 1.1200
Just to add,guys do follow GBPUSD pair as Bank of England is about to release rate decision today.
Current Rate: 0.50%
Expected Rate: 0.25%
High Volatility is Expected..!!!