Hello Everyone, The EURUSD is still trading in a narrow range of 1.1270 – 1.1170. Volatility remained limited on Monday as investors are considering the most awaited data to release before taking any major trading decision. That’s the US NFP & Unemployment Rate due on Friday. Overall, Considering all fundamentals we can expect US dollar to get some strength throughout the week.
Fundamentally, The September ISM Manufacturing PMI registered 51.5 percent, an increase of 2.1 percentage points from the August reading of 49.4 percent giving strength to USD. Further, in early sessions the Spanish Manufacturing PMI also came out as better than expected and underpinned the Euro.
Today on Tuesday, the investors are recommended to monitor the following events:
Spanish Unemployment Change
No Major News Today
On Tuesday, the EURUSD is likely to stay below a double top level of 1.1275 and probably to continue selling trend in the market. 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 the 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 new highs.
Daily Trading Range:
1.1270 – 1.1025
Daily Support & Resistance Levels
Pivot Point: 1.1250
– Sell below @ 1.1240
o Take Profit:
1st @ 1. 1170
o Stop Loss 1.1270