The EURUSD executed a bullish drive as the investors are weighing the political tensions including uncertainty produced by the U.S Presidential Elections. Moreover, the investors are likewise waiting for the most important economic figures expected by the end of a week. It’s the NFP Employment Change and the US unemployment rate.

Fundamentals:

EUR:

Spanish Manufacturing PMI
Italian Manufacturing PMI
French Final Manufacturing PMI
German Unemployment Change

US:

ADP Non-Farm Employment Change
Crude Oil Inventories
FOMC Statement
Federal Funds Rate

Technicals:

EURUSD is edged higher toward 50% Fibonacci level of 1.1065, whereas it is likely to mark 61.8% on the breach of earlier resistance. Currently, it is trading just beneath a resistance level of 1.1065 that is expected to be violated soon. Now, it can target 1.1125 before the reversal in the pair.

Support & Resistance Levels

R3: 1.1136
R2: 1.1095
R1: 1.1069
Pivot Point: 1.1025
S1: 1.0986
S2: 1.0960
S3: 1.0918

Recommendation

Sell Below: 1.1125
Take Profit:
1st @ 1.1056
Stop Loss @ 1.1145

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.