The Euro
remained slightly bullish against the US Dollar on Wednesday. Euro as a single
currency strengthened on better than expected economic releases. Eurozone
released mixture of medium impacted economic indicators today including IFO
business climate, IFO current account as well as IFO expectations and all
figures came out exceeding the expectation of analysts.

On Thursday, the investors are recommended to monitor the following
events:

 

German Ifo
Business Climate (EUR)

ECOFIN Meetings
(EUR)

Goods Trade
Balance (USD)


Technical Overview:

The EUR/USD traded
in oversold territory in RSI and retraced back slightly to compete 38.2%
extension at 1.1166. On Thursday, EUR/USD is likely to target the 61.8% Fibonacci
extension level at 1.1189 whereas a support for the pair prevails at 1.1130 initially
and 1.1070 onward. Moreover, the pair has resistance at 1.1190 initially and 1.1215
onward.

Previous
Analysis Reference:
The breakage of support level is probable to add
further selling until 1.1150 on Tuesday.  (24th May, 2016)

Daily Trading Range:

1.1190
– 1.1070

 

Daily
Support & Resistance Levels

R3: 1.1260

R2: 1.1244

R1: 1.1202

Pivot Point: 1.1166

S1: 1.1130

S2: 1.1108

S3: 1.1072

 

Trading
Recommendation:

       
Sell at 1.1190

o  
Take Profit: 

§ 
1st  @ 1.1135

§ 
2nd @ 1.1075

o  
Stop Loss 
1.1225

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