On Wednesday, the EURUSD pair had a pretty choppy session as it traded without clear trend and concluded right at its opening rate at 1.1217, for a minute loss of 3 pips or -0.02%. The pair kept on trading in a narrow range of 55 pips with a high of 1.1237 and a low of 1.1182 and it finished the day well below the 61.8% Fibonacci retracement level at 1.13 yet again on Wednesday.
Fundamentally, German GFK Consumer Climate Index released as worse than foreseen at 10.0 contemplating on the common currency. Further, the better than anticipated Durable Goods announcement also struggled the pair lower

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

EUR

German Unemployment Change 07:55
Euro-Zone Economic Confidence 09:00
German Consumer Price Index (MoM) 12:00

USD

Wholesale Inventories 12:30
Gross Domestic Product (Annualized) 12:30
Continuing Claims 12:30
Fed’s Lockhart Speaks 12:50
Pending Home Sales (YoY) 14:00
Technical Overview:

On Thursday, I can seethe EURUSD is still consolidating below a double top level of 1.1266. Heading that interval, the further resistance level is found at 1.136, while a support is found at 1.1185, and 1.1025 for today.

Daily Trading Range:
1.1325 – 1.1025

Daily Support & Resistance Levels

R3: 1.1366
R2: 1.1308
R1: 1.1280
Pivot Point: 1.1250
S1: 1.1221
S2: 1.1191
S3: 1.1133

Trading Recommendation:

– Sell below @ 1.1265
o Take Profit:
 1st @ 1. 1195 / 1.1145
o Stop Loss 1.1290

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