EURUSD had a bearish morning session, and it knocked lower in late trading to close well below its opening rate at 1.1157, for a decline of 93 pips or -0.82%. The pair traded in a daily range of 100 pips with a high of 1.1250 and a low of 1.1150. The pair closed the week well below the 61.8% Fibonacci retracement level at 1.13.

Today on Thursday, the investors are recommended to monitor the following events:

EUR

German PPI m/m

USD

Building Permits
Housing Starts

Technical Overview:

EURUSD consolidates in a narrow trading range despite the spike towards the end of the session as it immediately jumped back to the zone between 1.1200 and 1.1285. Preceding that interval, the further resistance level is found at 1.1465, while a support is found at 1.1185, at 1.1025 and near 1.09.

Previous Analysis Reference: Buy Stop Triggered giving us 40+ pips but it stayed below 1.1340 our take profit level (16th Sep 2016)

Daily Trading Range:
1.1425 – 1.1105

Daily Support & Resistance Levels

R3: 1.1409
R2: 1.1323
R1: 1.1276
Pivot Point: 1.1237
S1: 1.1189
S2: 1.1150
S3: 1.1064

Trading Recommendation:
– Sell @ 1.1215
o Take Profit:
 1st @ 1. 1150
o Stop Loss 1.1240

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