On Monday, EURUSD consolidated in a very brief trading range with a high of 1.1083 and a low of 1.0970. The Euro as a single currency is still facing weakness because of BREXIT event and its probable to remain weak before release of any major fundamental. The market remained calm on thin volatility in the market as there were no high impacted releases on Monday.
Today on Tuesday, the investors are recommended to monitor the following events:
• EU Economic Summit
• Final GDP q/q
• CB Consumer Confidence
The pair is trading below a trend line resistance of 1.1140 and a bearish engulfing candle is representing a sure selling trend in pair, but no to ignore the RSI that’s the signaling oversold figure. The pair can retrace back up to 1.1160. The pair is likely to face resistance at 1.1125, and around 1.1185 while support stands at 1.11, and near 1.090.
Previous Analysis Reference: EURUSD is likely to start a new down trend that could extend the pair below Friday’s intra-day low at 1.0900. (27th June, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1281
– Sell @ 1.1150
o Take Profit:
1st @ 1. 0900
2nd @ 1.082
o Stop Loss 1.1225