The EURUSD opened trading at 1.1373 and fell dramatically against the USD to trade at 1.1312. The USD gained bullish momentum against the bucket of other currencies on better than expected Retail Sales and Core Retail Sales figures released on Friday. Furthermore, the Euro as a single currency remain slightly weaker on worse than expected Inflation data as the Germany CPI fell by 0.1% in April 2016 compared with April 2015.

Technical Overview:

On Friday, the EURUSD tumbled to trade at 1.1305 after breaking below a strong trend line and 61.8% Fibonacci support level at 1.1365. The pair lost almost -67 pips from an opening price of 1.1373. Overall, the high to low movement was 95 pips for the pair.Currently, the pair is heading towards a target of 1.1530. Investors are recommended to take buying positions only above 1.1375.

 

Trading Range:

1.1440 – 1.1210

Support & Resistance Levels

S1:  1.1284

S2: 1.1272

S3: 1.1253

Pivot Point: 1.1302

R1: 1.1321

R2: 1.1333

R3: 1.1351

Trading Recommendation:

• Sell below 1.1365
  • Take Profit 1.1250
  • Stop Loss 1.1400