The EURUSD remained mostly unchanged on Monday aimed thin trading volume and low volatility in the market. The European banks were closed in observance of Whit Monday and there were no high impacted events from Eurozone and the U.S but the investors are recommended to monitor the high impacted economic figures from the U.S due on Tuesday 17th May. Moreover, Eurozone will release low impacted Trade Balance figure and German Buba monthly report.
Technical Overview:
On Monday, the EURUSD consolidated in a short trading range of 1.1341 – 1.1301 and has formed a doji candle in the daily time frame demonstrating a neutral sentiment of investors about the pair. Overall, the pair remained unchanged at 1.1317 and the high to low movement was only 39 pips for the pair.
Currently, the pair is holding above a trend line support level of a 1.1300 and it is likely to stay below a strong resistance level of a 1.1370. The breakage of 1.1300 support level will add further selling until 1.1253 initially and 1.1210 onward.
Daily Trading Range:
1.1430 – 1.1210
Daily Support & Resistance Levels
R3: 1.1418
R2: 1.1381
R1: 1.1358
Pivot Point: 1.1321
S1: 1.1284
S2: 1.1261
S3: 1.1224
Trading Recommendation:
- Sell Below 1.1360
- Take Profit:
- 1st @ 1.1290
- 2nd @ 1.1260
- Stop Loss: 1.1385
- Take Profit: