On Thursday, the EURUSD jumped sharply to place high of 1.1366, staying above 1.1300 a strong support level for now. Further, it has opened its way towards 1.1426. It again hit my suggested Take Profit level of 1.1320. Fundamentally, the Greenback tumbled on worse than expected economic figures. Euro as a single currency remained stronger as compared to other pairs. Euro area annual inflation was 0.2% in July 2016, up from 0.1% in June. In July 2015 the rate was 0.2%. A year earlier the rate was 0.2%. These figures come from Eurostat, the statistical office of the European Union. The US released the Unemployment claims, the advance figure for seasonally adjusted initial claims was 262,000, a decrease of 4,000 from the previous week’s unrevised level of 266,000.
Today on Friday, the investors are recommended to monitor the following events:
• German PPI m/m
• No Fundamental
EURUSD edged higher and achieved suggested target level of 1.1320 on Thursday. 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 retracement in the currency pair. I would like to enter buying above 1.1290 with a stop loss below 1.1250. Currently, the pair is trading above a strong resistance come support level of 1.1280 and above this level, the pair is likely to find resistance at 1.1425. Further, as suggested earlier in the previous analysis report, I would recommend entering sell only below 1.1430 to target 1.1325.
Previous Analysis Reference: Trade hit Take Profit at 1.1320 (55+ Pips). (18th Aug, 2016)
Daily Trading Range:
1.1425 – 1.1045
Daily Support & Resistance Levels
Pivot Point: 1.1147
– Buy above @ 1.1290
o Take Profit:
1st @ 1. 1420
o Stop Loss 1.1250