EURUSD edged higher on Wednesday despite of worse than expected economic releases from the Eurozone. Though, the Spanish manufacturing figures have improved previously, but the latest figured was weak. Spanish manufacturing released as 51.8 worse than expected figure of 52.6. 2nd June is likely to be a highly volatile day for Euro pairs as we have a monetary policy event due on Thursday.

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

 

Minimum Bid Rate (EUR)

ECB Press Conference (EUR)

Unemployment Claims (USD)

Unemployment Claims (USD)

ADP Non-Farm Employment Change (USD)

 

Technical Overview:

 

On Wednesday, EURUSD broke out to upside from a declining channel and I see a weakness in a bearish trend. On Thursday, the EURUSD support prevails at 1.1120 and at 1.1025 with a resistance at 1.1195, 1.1250. The oscillator indicator RSI is heading upward from oversold territory.

Previous Analysis Reference: EURUSD support prevails at 1.1050 and at 1.10 with

resistance at 1.1225, 1.1280 as well as between 1.1365 and 1.1375. (30th
May, 2016)

Daily Trading Range:

1.1245 โ€“ 1.1025

 

Daily Support & Resistance Levels

R3: 1.1232

R2: 1.1198

R1: 1.1167

Pivot Point: 1.1140

S1: 1.1108

S2: 1.1086

S3: 1.1052

 

Trading Recommendation: 

       โ€“       Buy above 1.1120

o  Take Profit: 

ยง  1st  @ 1. 1225

o  Stop Loss 1.1075

 

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