The US Dollar gained bullish momentum after the Fed hawkish tone in FOMC minutes on Wednesday. The EUR/USD fell sharply and broke out of its trading range of 1.1348 – 1.1301. Furthermore, as expected trading volume boosted up on economic news from US.

On Thursday, the investors are recommended to monitor the following events:

  • German PPI (EUR)
  • Existing Home Sales (USD)

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Technical Overview:

On Wednesday, the EUR/USD broke out from its short trading range of 1.1348 – 1.1301. As suggested in a previous report, the flag pattern was formed in H4 whereas the overall trend was bearish for the pair. Currently, the pair is trading below 50 periods EMA as well as trend line resistance of 1.3010 (support come resistance) and it is likely to find support at 1.1220 initially and 1.1175 onward.

Previous Analysis Reference: The breakage of 1.1300 support level is likely to lead the market to 1.1253 initially and 1.1210 onward. (18th May, 2016)

Daily Trading Range:

1.1300 – 1.1145

Daily Support & Resistance Levels

R3: 1.1311

R2: 1.1286

R1: 1.1270

Pivot Point: 1.1246

S1: 1.1221

S2: 1.1205

S3: 1.1181

Trading Recommendation:

  • Sell Below 1.1285
    • Take Profit:
      • 1st @ 1.1210
      • 2nd @ 1.1175
    • Stop Loss @ 1.1325

2 thoughts on “EURUSD Daily Market Updates (19th May, 2016)”

  1. Jim Reddihough says:

    Thanks

  2. Always Welcome.. Keep following…!!!

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