On Thursday, the Euro fell against the Greenback on better than expected fundamental releases from U.S and after a policy meeting of ECB president Mario Draghi. The ECB left the interest rate unchanged and amid implementation of the 2nd TLTRO along with the buying of corporate bonds. As per Mario Draghi, It is not the time for changes; we could get hints about future ECB moves.
3rd July is going to be a highly volatile day as U.S is about to release the most awaited economic figure NFP & Unemployment rate.
On Friday, the investors are recommended to monitor the following events:
Spanish Services PMI (EUR)
Italian Services PMI (EUR)
French Final Services PMI (EUR)
German Final Services PMI (EUR)
Final Services PMI (EUR)
Retail Sales m/m (EUR)
Non-Farm Employment Change (USD)
Unemployment Rate (USD)
EURUSD traded bearish in a short trading range of 1.1218- 1.1144 on Thursday losing -36 pips from an opening price of 1.1187. The pair broke out upside from a declining channel on Wednesday and currently trading outside of bearish channel. On Friday, the EURUSD support prevails at 1.1140 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 1.1120 and at 1.1025 with a resistance at 1.1195, 1.1250. (2nd June, 2016)
1.1225 – 1.1025
Pivot Point: 1.1140
– Buy above 1.1123
o Take Profit:
§ 1st @ 1. 1190
o Stop Loss 1.1075
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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.