Hye Traders, in initial sessions, the EURUSD rose to trade a high of 1.1026 to achieve its 61.8% Fibonacci expansion. In later sessions on Tuesday, the pair proceeded to trade in a bearish tone and finish at 1.0979. Moreover, it is yet consolidating below its primary resistance level of 1.1045.
Fundamentally, the USD being an individual currency declined on inferior to required Inflation figures delivered on Monday. Although on average, the cost of living in the U.S. mounted at the accelerated pace in past five months on shelter and energy prices, a figure inflation figure has reached closer to the Federal Reserve’s plan. The consumer-price index grew 0.3 percent in the month of September.
Today on Wednesday, the investors are suggested to observe the subsequent events:
• German 30-y Bond Auction
· Building Permits
· Housing Starts
EURUSD dropped after achieving 23.6% retracement moreover right now it is expected to target 1.0935 soon if it stays beneath 1.1045 today. The significant resistance is located around 1.1065, whilst the intra-day support prevails at 1.0975 & 1.0925.
Daily Trading Range
1.1310 – 1.1025
Daily Support & Resistance Levels
Pivot Point: 1.1025
Still active Sell Stop: 1.1010
1st @ 1.0935
Stop Loss @ 1.1035