EURUSD consolidated in a short trading range 1.1242 – 1.1180 on Monday. Eurozone released mixture of economic events and most of these missed the forecast. French flash manufacturing PMI came as 48.3 below expectation of 49. Furthermore, the German flash manufacturing PMI figure also came below expectation.
On Tuesday, the investors are recommended to monitor the following events:
· German ZEW Economic Sentiment (EUR)
· ZEW Economic Sentiment (EUR)
· Eurogroup Meetings (EUR)
· New Home Sales (USD)
Technically the Euro remained weaker against the USD and maintained its descending channel on Monday. On Tuesday, EUR/USD is likely to find support at 1.1175 and a resistance at 1.1225 initially and 1.1260 onward. Furthermore, the breakage of support level is probable to add further selling until 1.1150 on Tuesday.
Previous Analysis Reference: The pair is likely to find support at 1.1185 and a resistance at 1.1265. (23rd May, 2016)
1.1285 – 1.1150
Pivot Point: 1.1218
– Sell at 1.1260
1st @ 1.1200
2nd @ 1.1175
o Stop Loss 1.1295
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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.