EURUSD pair had a volatile but eventually flat session as it soared following the ECB meeting but concluded just above the opening rate at 1.1255, for a small profit of 15 pips or 0.13%. The pair traded in a daily range of 93 pips beside a high of 1.1327 level and a low of 1.1234. EURUSD finished the day below the 61.8% Fibonacci retracement level at 1.13 repeatedly on Thursday.
Fundamentally, the Euro as a single currency mounted initially following the ECB’s much-awaited monetary policy meeting, however, the common currency fell back and gave all of its gains, as the hawkish announcement pushed U.S. treasuries and the U.S. Dollar higher. Investors believe that the decision gives less room for the Federal Reserve to prevent the second rate hike of the current cycle, despite the slowing growth numbers, as the U.S. economy remains vigorous than its peers.
Today on Friday, the investors are recommended to monitor the following events:
German Trade Balance 06:00
German Current Account 06:00
Fed’s RosengrenDeliver Economic Forecast 11:45
Wholesale Inventories 14:00
Baker Hughes U.S. Rig Count 17:00
The pair EURUSD still trades approaching the top of the prevailing narrow trading range. It has been consolidating for more than a week now, just below 1.1285. It’s likely to target 1.1465once its break above the strong resistance at 1.1285. While a support is found at 1.1185, 1.1025 and around1.09.
Previous Analysis Reference: Buy Stop Triggered giving us 40+ pips but it stayed below 1.1340 our take profit level (8th Sep 2016)
Daily Trading Range:
1.1325 – 1.1105
Daily Support & Resistance Levels
Pivot Point: 1.1271
– Still Active Buy Stop @ 1.1275
o Take Profit:
1st @ 1. 1340
o Stop Loss 1.1240