On Wednesday, EURUSD is still bearish and hits our suggested target level of 1.097. The pair still consolidates around below our suggested target level and is likely to trade sideways in choppy after the ECB left the interest rate unchanged at 0.00%. Further, economic figures were mostly better than expected, and especially the German Services, but EURUSD still finished lower as the Greenback soared against most of other currencies.
Wednesday is likely to be very highly and Investors are looking for US interest rate decision. Today on Wednesday, the investors are recommended to monitor the following events:
EUR
• GM3 Money Supply y/y
• Private Loans y/y
• German 30-y Bond Auction
USD
• FOMC Statement
• Federal Funds Rate

Technical Overview:

On Wednesday, EURUSD is likely to break out its consolidated pattern of 1.1005 trend line resistance. In the previous week, the pair broke below a suggested trading range of 1.1160 – 1.1025 to place low of 1.0954 and consolidating below its prior trend channel. Resistance is still found at1.1035, at 1.1085, and near 1.1185. Support is now at 1.09 and below that at 1.075.
Previous Analysis Reference: Trade suggested still active and trading profit. (25th July, 2016)
Daily Trading Range:
1.1250– 1.0845

Daily Support & Resistance Levels
R3: 1.1134
R2: 1.1084
R1: 1.1054
Pivot Point: 1.1005
S1: 1.0955
S2: 1.0925
S3: 1.0876

Trading Recommendation:

– Sell @ 1.1005
o Take Profit:
 1st @ 1. 0935
o Stop Loss 1.1035

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