EURUSD had another choppy moreover a flat session, as it I yet trading around the 1.1235 level, after closing at 1.1250, for a modest profit of 34 pips or 0.30%. The pair traded in a daily range of 62 pips with a high of 1.1264 and a low of 1.1212. Further, it closed the day below the 61.8% Fibonacci retracement level at 1.13 again on Thursday.
Fundamentally, the Industrial Production dropped by -1.1% in the Eurozone throughout August, as the economy advances to struggle with weak growth and a deflationary environment. EURUSD still trades without a clear path as traders still await next week’s Federal Reserve (Fed) meeting.
Today on Thursday, the investors are recommended to monitor the following events:
Euro-Zone Consumer Price Index (MoM) 09:00
Euro-Zone Trade Balance (euros) 09:00
Current Account Balance 12:30
Advance Retail Sales 12:30
Empire Manufacturing 12:30
Initial Jobless Claims 12:30
Philadelphia Fed. 12:30
EURUSD consolidates in a narrow trading range despite the spike towards the end of the session as it immediately jumped back to the zone between 1.1200 and 1.1285. Preceding that interval, the further resistance level is found at 1.1465, while a support is found at 1.1185, at 1.1025 and near 1.09.
Previous Analysis Reference: Buy Stop Triggered giving us 40+ pips but it stayed below 1.1340 our take profit level (12th Sep 2016)
Daily Trading Range:
1.1425 – 1.1105
Daily Support & Resistance Levels
Pivot Point: 1.1237
– Sell Stop @ 1.1175
o Take Profit:
1st @ 1. 1130
o Stop Loss 1.1240