On Monday, I expected volatility to remain low as US is celebrating “Independence Day” and traders are likely to stay out of the market. Previously, the EURUSD had a very choppy week amid diminishing volatility as it floated higher with following Monday’s dip to finish at 1.1128 with a small gain of 25 pips or 0.22%, from an opening rate of 1.1103.
Today on Monday, the investors are recommended to monitor the following events:
• Spanish Unemployment Change
• Sentix Investor Confidence
EURUSD is still maintaining its trading range of 1.1160 – 1.1025. Its consolidating in a a triangle pattern following the BREXIT shock, as it remains below its prior trend channel. The resistance still prevails at 1.1150, 1.1185 and around 1.1285. Further, the pair is likely to find a support at 1.1085, 1.1000 and below that at 1.0960.
Previous Analysis Reference: It is likely to face resistance at 1.1125, and around 1.1185 while support stands at 1.11, and near 1.090. (1st June, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1281
– Sell @ 1.1160
o Take Profit:
1st @ 1. 1045
o Stop Loss 1.1225