On Tuesday , the EURUSD fell almost 64 pips from an opening price 1.1321 to trade at 1.1256. Euro as a single currency weakened on ECB President Mario Draghi’s comment that the ECB is ready to use all the tools and they are ready for the consequences of BREXIT. Investors focus is on major event UK referendum Brexit due on 23rd June.
On Wednesday, the investors are recommended to monitor the following events:
• German 30-y Bond Auction (EUR)
• Fed Chair Yellen Testifies (USD)
Technically, EURUSD broke below a suggested support level of 1.1250 to place low of 1.1241 and now consolidating at 1.1255, just above a trend line support level at 1.1190. On Wednesday, the EURUSD support prevails at 1.1210 with resistance at 1.1318 and 1.1375. The oscillator indicator RSI is indicating the potential selling behavior of the pair.
Previous Analysis Reference: The pair hit the Take Profit at 1.1275 (21st June, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1263
– Sell below 1.1325
o Take Profit:
1st @ 1. 1210
o Stop Loss 1.1350