EURUSD maintained its bullish momentum for 2nd consecutive day as the Euro strengthened on BREMAIN sentiment rather BREXIT. Final results are still pending and will be released today on Friday Morning. The pair trades at 1.1359 adding almost 35 pips to an opening price 1.1325. We have seen high volatility in the market and investors preferred to stay on buying side. As suggested earlier, Investors focus is on major event UK referendum Brexit and results will decide further trends in the market.
Cautions: Market is likely to be very volatile today, we can expect GAP, soared price and even reversals. Further, we can also experience a sudden increase in spreads and margins.
On Friday, the investors are recommended to monitor the following events:
• German Ifo Business Climate
• Core Durable Goods Orders m/m
• Durable Goods Orders m/m
• Revised UoM Consumer Sentiment
On Wednesday, the EURUSD formed a bullish engulfing candle in a daily time-frame representing strong buying trend in the market, and on Thursday the same bullish trend continued. The pair broke above of all suggested resistances levels and right now, its consolidating above a strong support of 1.1340. Broke below a suggested support level of 1.1340 is likely to lead the market to initial target level of 1.1245 and even 1.1145. The oscillator indicator RSI is indicating the potential buying behavior of the pair.
Previous Analysis Reference: Sell Stop Expired (23rd June, 2016)
Daily Trading Range:
Daily Support & Resistance Levels
Pivot Point: 1.1281
– Buy above 1.1345
o Take Profit:
1st @ 1. 1420
2nd @ 1.1510
o Stop Loss 1.1300