EURUSD declined for the third week in a row as the U.S. Dollar maintained its bullish momentum. EUR/USD finished the week at 1.1222, losing 131 pips or 1.15%. It had a 169 pip weekly range, with a low of 1.1179 and a weekly high of 1.1348. The pair was mostly driven by speculation on future monetary policies. U.S fundamentals released mixed figures with better than expected Inflation the CPI, worse than expected Philly Fed Index.
On Monday, the investors are recommended to monitor the following events:
- French Flash Manufacturing PMI (EUR)
- French Flash Services PMI (EUR)
- German Flash Manufacturing PMI (EUR)
- German Flash Services PMI (EUR)
- Flash Services PMI (EUR)
- FOMC Member Bullard Speaks (USD)
EUR/USD traded in a descending channel all the week without breaking any of the trend lines. The pair concluded the week closer to the upper edge of the channel, as it found support at 1.1175 on Thursday. On Monday, EUR/USD is likely to find support at 1.1185 and a resistance at 1.1265. Furthermore, the breakage of support level is probable to add further selling until 1.1150 on Monday.
Previous Analysis Reference: The pair is likely to find support at 1.1220 initially and 1.1175 onward. (19th May, 2016)
Daily Trading Range:
1.1465 – 1.1175
Daily Support & Resistance Levels
Pivot Point: 1.1222
- Sell at 1.1260
- Take Profit:
- 1st @ 1.1200
- Stop Loss 1.1295
- Take Profit:
About The Post
About The Forex Analyst
Ph.D Scholar and MBA, Business professional with 3 years of experience working as a forex trader and analyst, trading mostly forex, stocks and futures.