EURUSD traded in a small range and floated lower throughout the afternoon to conclude near the opening rate at 1.1206, for a modest gain of 2 pips or 0.02%. The pair traded in a daily range of 48 pips with a high of 1.1235 and a low of 1.1187.
Fundamentally, The French and the Italian Services PMIs were weaker than expected whilst the another Eurozone numbers came in line with anticipations, sending the Euro slightly deeper in early trading. The U.S. ADP Employment report was weaker than anticipated at 154,000 that helped the Euro in climbing back close to consistent towards the end of the day.
Today on Thursday, the investors are recommended to monitor the following events:
German Factory Orders s.a. (MoM) 06:00
Markit Germany Construction PMI 07:30
Markit Italy Retail PMI 08:10
Markit Germany Retail PMI 08:10
MarkitEurozone Retail PMI 08:10
Markit France Retail PMI 08:10
ECB Account of Monetary Policy Meeting 11:30
Challenger Job Cuts (YoY) 11:30
Initial Jobless Claims 12:30
On Thursday, 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: 1.1207
– Sell below @ 1.1230
o Take Profit:
1st @ 1. 1170
o Stop Loss 1.1270