Date: 06th October, 2015
Currency Pair: EURUSD
EURUSD has lost its upward strength and now consolidating at current levels. The price is hovering between daily pivot level i.e. 1.1216 and 1st support i.e. 1.1144. The pair is trying to strengthen but the momentum is not strong enough to support the pair for any advancement towards up. Below 1.1144 price level (1st support) we can find 1.1101 and 1.1029 as subsequent support levels.
Upside limit is capped by 1.1259. If the pair manage to break the level 1.1331 and 1.1374 will come into play.
The price level 1.1144 seems as strong support on intraday basis. It could stop the pair from any downside movement. So we can expect some recovery above this level. Yesterday the pair had not able to cross the resistance and fallen unexpectedly during US session. Today the pair is trying to recover from yesterday’s losses.
Today’s Economic Events
|EUR||German Factory Orders m/m||Medium||0.5%||-1.4%|
|USD||IBD/TIPP Economic Optimism||Low||44.6||42.0|
|EUR||ECB President Draghi Speaks||High|
4 Hours Chart