EURUSD plunged deeper than 100 pips to trade at 1.0532, having placed a daily high at 1.06214 including low at 1.0524. EURUSD supported a crisp 14-year low approaching the start of 2017, as confidence in the Dollar lingered in place. According to estimates from the Federal Statistical Office (Destatis), retail turnover 2016 in Germany is expected to be in real terms between 1.8% and 2.1% larger than that in 2015. In nominal terms, turnover is expected to increase by between 2.4% and 2.6%.

Technical Analysis:

EURUSD trades at 1.0532 dropping below 23.6% retracement. The pair, however, manages a solid support at 1.0480 as in prior week it drew back higher from this level. Currently, the pair is staying below a 50% retracement (D1) at 1.060 and it is very likely to continue below this level. The RSI value has changed to 51 from 64 in H4. Furthermore, the pair has a resistance nearby 1.0590 and 1.0665, whilst the intra-day support remains at 1.0477 and 1.0435.

German Industrial Production m/m
German Trade Balance
Italian Monthly Unemployment Rate
Sentix Investor Confidence
Unemployment Rate

Labor Market Conditions Index
Consumer Credit m/m

Daily Trading Range:
1.0600 – 1.03200

Support & Resistance Levels
R3: 1.0702
R2: 1.065
R1: 1.0619
Pivot Point: 1.0567
S1: 1.0515
S2: 1.0484
S3: 1.0432

Sell Below: 1.0560
Take Profit:
1st @ 1.0510
Stop Loss @ 1.0580


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