On Monday, EURUSD is still bearish and hits our suggested target level of 1.097. The pair still consolidates around below our suggested target level and is likely to trade sideways in choppy after the ECB left the interest rate unchanged at 0.00%. Further, economic figures were mostly better than expected, and especially the German Services, but EURUSD still finished lower as the Greenback soared against most of other currencies.
Today on Monday, the investors are recommended to monitor the following events:
• German Ifo Business Climate
On Monday, EURUSD is likely to consolidate below 1.1005 trend line resistance. In the previous week, the pair broke below a suggested trading range of 1.1160 – 1.1025 to place low of 1.0954 and consolidating below its prior trend channel. Resistance is found at 1.1005, and around 1.1045. Support remains at 1.0910, and near 1.087.
Previous Analysis Reference: Trade suggested in previous analysis matured and take profit hit @1.0970 on Friday. (22nd July, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1083
– Sell @ 1.1005
o Take Profit:
1st @ 1. 0935
o Stop Loss 1.1035s