Hello Everyone, Hope you guys enjoyed the previous analysis, Trade hits profit @1.1170 making more than 40 Pips for us. Right now, EURUSD is trading in a well-maintained range of 1.1270 – 1.1170. Volatility can increase today on Wednesday as investors will be trading ADP Non- Farm Employment change news. Further, they will also look for 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, as per Spanish Unemployment Change, the number of unemployed registered at the offices of the Public Employment Services has increased by 22,801 people in September over the previous month.
Today on Wednesday, the investors are recommended to monitor the following events:
No Major Release
ADP Non-Farm Employment Change
ISM Non-Manufacturing PMI
Factory Orders m/m
On Wednesday, 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.
NOTE: We have highly impacted releases today from the US, so stay Cautious..!!
Daily Trading Range:
1.1270 – 1.1025
Daily Support & Resistance Levels
Pivot Point: 1.1250
– Sell below @ 1.1265
o Take Profit:
1st @ 1. 1170
o Stop Loss 1.1285