EURUSD pair soared to trade at 1.1255 as the US FED kept the rate unchanged at 0.50% and the Yellen kept the sentiment same that the 2016 rate hike is likely. Initially, the EURUSD bounced higher in initial trading but dragged back towards the end of the session around 1.1200.
Fundamentally. Output growth at German private sector firms slowed further at the end of the third quarter. The Markit Flash Germany Composite Output Index fell from August’s 53.3 to 52.7 and therefore signalled the weakest expansion in activity in almost one-and-a-half years.
Note: ECB meeting today, can cause high volatility in the market especially in EUR Pairs.

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

EUR

German Ifo Business Climate
ECB President Draghi Speaks

USD

New Home Sales

Technical Overview:

EURUSD is directing lower today and we are likely to see moving average crossover. It consolidating around 1.1198, just below a major resistance level at 1.1225. Preceding that interval, the further resistance level is found at 1.41250 &1.136, while a support is found at 1.1185, at 1.1025 and near 1.09.

Daily Trading Range:
1.1325 – 1.1025

Daily Support & Resistance Levels

R3: 1.1265
R2: 1.1247
R1: 1.1236
Pivot Point: 1.1218
S1: 1.1171
S2: 1.1189
S3: 1.1200

Trading Recommendation:
– Sell @ 1.1255
o Take Profit:
 1st @ 1. 1150
o Stop Loss 1.1250

EURUSD Chart

One thought on “EURUSD Daily Market Updates (26th Sep, 2016)”

  1. Kash says:

    Arslan: your s/l is incorrect FYI…thx 4 your post

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