The EURUSD pair soared sharply on Tuesday to place high of 1.1322 but it remained below the 1.1300 after hitting my previously suggested target profit level of 1.1290. Fundamentally, the Greenback tumbled on worse than expected economic figures. Euro as a single currency remained stronger as compared to other pairs. The U.S Consumer price index came out worse than expected at 0.1% on Tuesday.
Note: Market is likely to remain volatile on FOMC meeting releasing today on Wednesday.
Today on Wednesday, the investors are recommended to monitor the following events:
• No Fundamentals
• FOMC Member Bullard Speaks
• FOMC Meeting Minutes
The EURUSD edged higher and achieved suggested target level of 1.1290 on Tuesday. It is still holding above 20, 50 & 100 period EMA’s, signaling a buying sentiment of investors in the market. But right now, i am expecting a bit retracemnt in the currency pair. I would like to enter buying above 1.1225 with stop loss below 1.1185. Currently, the pair is trading above a strong resistance come support level of 1.1220 and above this level, the pair is likely to find resistance at 1.1325. Further, as suggested earlier in the previous analysis report, I would recommend entering long above only below 1.1230 to target 1.1325.
Previous Analysis Reference: Trade hit Take Profit at 1.1290 (55+ Pips). (16th Aug, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1147
– Buy above @ 1.1220
o Take Profit:
1st @ 1. 1325
o Stop Loss 1.1180