Today being a first trading day of a new week, I am expecting low volatility in the market. On Friday, the EURUSD remained bearish and fell more than 50 pips from an opening price of 1.1117. The pair maintained its consolidated pattern and traded in a choppy fashion. It finished the muted session at 1.1066.
Today on Monday, the investors are recommended to monitor the following events:
• German Buba Monthly Report
• NAHB Housing Market Index
On Monday, EURUSD is likely to follow the same trading signal that was suggested on Friday. As suggested earlier in the previous analysis, the pair continued to trade in its trading range of 1.1160 – 1.1025 and consolidating below its prior trend channel. Resistance is still found at 1.1185, and around 1.1285. Support remains at 1.11, at 1.10, and near 1.090.
Previous Analysis Reference: The previous trade remained in profit of more +65 Pips (15th July, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1083
– Still Active Sell @ 1.1120
o Take Profit:
1st @ 1. 1120
o Stop Loss 1.1175