EURUSD had a very quiet session after it shot long following the NFP announcement on Friday and it finished the day slightly lower at 1.1148, for a loss of 10 pips or -0.07%. The pair traded in a daily range of 43 pips with a high of 1.1182 and a low of 1.1139. The pair finished the day well below the 61.8% Fibonacci retracement level at 1.13 again on Monday.
Euro being a single currency drifted lower once again amid the G20 meeting and the U.S. public holiday, as the sentiment among global leaders resumed to point to further monetary and fiscal easing. The decision of the German regional elections also put weight on the common currency, as the anti-immigrant and anti-Merkel forces increased ground. Services PMIs were mostly favorable than expected in the Eurozone although the German data mislead analysts.
Today on Tuesday, the investors are recommended to monitor the following events:
German Factory Orders 06:00
Markit Germany Construction PMI 07:30
Markit France Retail PMI 08:10
Markit Germany Retail PMI 08:10
MarkitEurozone Retail PMI 08:10
Markit Italy Retail PMI 08:10
Euro-Zone Gross Domestic Product 09:00
Markit US Services PMI 13:45
Markit US Composite PMI 13:45
Labor Market Conditions Index Change 14:00
ISM Non-Manufacturing Composite 14:00
The EURUSD finished session back inside the suggested narrow trading range that it consolidated in during the week, just below 1.1185. The pair has a strong resistance at 1.1285 another important zone is found at 1.1465, while support is found at the current rate near 1.1185, at 1.1025 and near 1.09. Right now, I would recommend followers to take buying positions only above 1.1130 with minimum stops of 20 – 30 Pips.
Previous Analysis Reference: I would recommend followers to take buying positions only above 1.1130 with minimum stops of 20 – 30 Pips.. (1sth Sep 2016)
Daily Trading Range:
1.1325 – 1.1105
Daily Support & Resistance Levels
Pivot Point: 1.1175
– Still Active Sell below @ 1.1210
o Take Profit:
1st @ 1. 1130
o Stop Loss 1.1240