On Wednesday, I am expecting the pair to maintain to maintain a bearish momentum on worse than expected economic indicators released on Tuesday. Erosion released the German ZEW economic sentiment indicator on Tuesday and the results showed that index has decreased by 26 points compared to the previous month, now standing at minus 6.8 points. Current reading is the lowest since November 2012.
Today on Wednesday, the investors are recommended to monitor the following events:
EUR
• German PPI m/m
• Current Account
• Consumer Confidence

Technical Overview
:
On Wednesday, EURUSD is likely to consolidate below 1.1045 trend line resistance. On Tuesday, the pair broke below a suggested trading range of 1.1160 – 1.1025 to place low of 1.11005 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: Previous trade hits target and made Green pips for us. (18th July, 2016)

Daily Trading Range:
1.1250– 1.0845

Daily Support & Resistance Levels
R3: 1.1160
R2: 1.1130
R1: 1.1112
Pivot Point: 1.1083
S1: 1.1053
S2: 1.1035
S3: 1.1006

Trading Recommendation:
– Sell @ 1.1045
o Take Profit:
 1st @ 1. 1085
o Stop Loss 1.1097