
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 – 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:
– Buy above 1.1120
o Take Profit:
§ 1st @ 1. 1225
o Stop Loss 1.1075
About The Post
About The Forex Analyst
Ph.D Scholar and MBA, Business professional with 3 years of experience working as a forex trader and analyst, trading mostly forex, stocks and futures.
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