EURUSD jumped back after a series of negative sessions to end near its daily high at 1.1050, for an addition of 51 pips or 0.41%. The pair traded in a trading range of 71 pips with a high of 1.1056 including a low of 1.0985. Further, it ended the day beneath the 100% Fibonacci retracement level at 1.1095 on Thursday.

Fundamentally, the German Final CPI remained in line with anticipations for September, at 0.1%, whereas the Euro moved surprisingly strong in the face of the Chinese vulnerability, jumping back above the important 1.10 level even earlier the rebound in global stocks. The Initial U.S. Unemployment Claims remained to be encouragingly low, but traders diminished their risks on a Fed rate hike as the global economy still remains weak.

Today on Friday, the investors are suggested to observe the subsequent events:

EUR

• Trade Balance

USD

• Core Retail Sales m/
• PPI m/m
• Retail Sales m/m
• Core PPI m/m
• FOMC Member Rosengren Speaks
• Prelim UoM Consumer Sentiment
• Fed Chair Yellen Speaks

Technical Overview:

The EURUSD retraced back to 23.6% level of 1.1060 and further aiming to achieve the 38.2% level of 1.1106. The major resistance is found around 1.1065, while the intra-day support prevails at 1.1008 and 1.0975.

Daily Trading Range

1.1310 – 1.1025

Daily Support & Resistance Levels
R3: 1.1151
R2: 1.1088
R1: 1.1046
Pivot Point: 1.1025
S1: 1.0983
S2: 1.0961
S3: 1.0898

Trading Recommendation:
Sell Stop: 1.1090
Take Profit:
1st @ 1.1005
Stop Loss @ 1.1115

EURUSD Chart

2 thoughts on “EURUSD Daily Market Updates (14th Oct, 2016) – FED Chair Yellen Speaks Today”

  1. Brendon Davis says:

    Hi Arslan, Love or hard work and time you put in the this site, thanks..
    Can you place a sell stop above the price? Or were you waiting for the price to retrace back above and then place the sell stop??
    Thanks, look forward to your reply.
    B

    1. Thanks, Davis, I recommend to wait for the market to reach that level. you can either set the pending orders or do it manually if in front of a screen.

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