Guys, the new week is starting with much hot news released over the weekend and not to forget we have NFP due in this week. Considering all fundamentals, we can expect US dollar to get some strength throughout the week.
On Monday , EURUSD is likely to test 1.1275 before continuing its selling trend. On Friday, EURUSD analysis went really well, as 1st Take Profit got hit @1.1195 but missed the 2nd target of 1.1145 as the pair placed low of 1.1252.
Fundamentally, The German Prelim CPI Index evolved in at 0.1% that was better than anticipated, as the Spanish Flash CPI also surpassed expectations with a reading of 0.3% Further, the Consumer confidence from the US rose in September for the first time in four months as Americans grew more upbeat about the prospects for incomes and persistently low inflation. The University of Michigan said Friday that its final index of sentiment rose to 91.2 from 89.8 in August.
Today on Monday, the investors are recommended to monitor the following events:
Spanish Manufacturing PMI
ISM Manufacturing PMI
On Monday, the EURUSD is likely to test 1.1275 before continuing its selling trend. The Important resistance is still found near 1.1285, while more supply is looming at 1.1350 and support still found at 1.1185 and at 1.1025. We can see in chart a trend line is here to push the pair back to selling. Guys, keep monitoring trend line as on breakage, we are likely to see a new highs.
Daily Trading Range:
1.1270 – 1.1025
Daily Support & Resistance Levels
Pivot Point: 1.1250
– Sell below @ 1.1270
o Take Profit:
1st @ 1. 1195
o Stop Loss 1.1290