The major currency pairs have failed to entice the traders to enter the market in the past couple of days where they are ranging in a short direction, and are currently moving in a choppy way. This might have caused losses to several traders, except those who are skilled at scalping.
The pair couldn’t show much volatility today as the GDP estimate data came out to be the same as expected, and there was not a change witnessed in the previously recorded figure. The GDP estimate came out to be 0.7% as it was recorded the same last time as well.
The pair is currently trading at the 1.6688 level where it is safe to be bought as long as it trades above its today’s pivot point level of 1.6676 and its major support level that lies at 1.6655. The move above the resistance level of 1.6706 could lift the pair further up where it would go to test its mild resistance at 1.6728 and strong resistance at 1.6751.
However, traders are looking forward the important economic indicator of new home sales of the United States that would be released today in the US session.
Triple Top Resists EUR/USD
The resistance level of 1.3776 has been a major hurdle for the pair, where triple top has been made by the Euro and has failed to breach this level. Despite the good outcome of German consumer climate data, the bulls struggled to take the pair up where its today’s pivot point level is acting as a resistance as well at 1.3745 level.
However, the pair is well above its support level and is safe to keep the long positions open; also the traders are advised to enter again as long in the market when it moves above the price level of 1.3760.