EURUSD has continued its bearish trend for the following three trading day. It fell under its support level of 1.1045, earlier outraging the triple bottom at 1.1120. Moreover, it slipped dramatically to fall 42 pips from an opening value of 1.1053. Besides, the pair traded in a daily limit of 63 pips with a high of 1.1060 plus a low of 1.1003 on Wednesday. As recommended in the earlier report, it ended the day well under the 161.8% Fibonacci retracement level at 1.1041.
According to Eurostat, the adjusted industrial production soared by 1.6% in the period of August 2016 while correlated with July 2016, although, the selling prices in wholesale business diminished by 0.3% in September 2016 from the related month of the previous year.
So as suggested in the previous report, FOMC came out as dovish making dollar weaker.
Today, the traders are focussing on FOMC meeting that is going to release at 18:00 pm (GMT+0).
Guys, I am anticipating a dovish report from FED, but keep following as any new point in FOMC can cause volatility.
Today on Thursday, the investors are suggested to observe the subsequent events:
• German Final CPI m/m
• Unemployment Claims
• Import Prices m/m
• Crude Oil Inventories
Technically today, the EURUSD is assumed to stay under a Fibonacci 161.8% level of 1.1040 additionally it is also possible to pull back up at 1.1105 before continuing additional sell. It has an important resistance at 1.1085 a double top level, although the support is found at 1.1020 and 1.0975.
Daily Trading Range
1.1310 – 1.1025
Daily Support & Resistance Levels
Pivot Point: 1.1025
Sell Stop: 1.1080
1st @ 1.1005
2nd @ 1.0985
Stop Loss @ 1.1050