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 17^th 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:
    • 1^st     @ 1.1290
    • 2^nd  @ 1.1260
  • Stop Loss: 1.1385