Pivot Point Trading of EURUSD [09-13 Nov 2015]

  Weekly Pivot point = 1.0832

S1=1.0612 

 S2=1.0486 

R1=1.0958  

 R2=1.1178  

The pair is vibrating between the pivot point[1.0832] and S1[1.0612].From my technical point of view,EURUSD is in a free fall to 1.0612 and may threaten 1.0486 since all immediate supports have been subdued.I am yet to see any technical reason that can suggest buying at the moment.It is useless to fight the trend.

Economic data shall begin to flood the floor of  EURUSD market come next wednesday till Friday.The ECB president will be speaking by 2:15pm [GMT +1] on wednesday and on thursday.Federal Chair Yellen speaks by 4:15pm [GMT +1]. All the economic events of friday are essentially focused on USD. We should therefore expect busy days for EURSD from Wednesday.

Pivot point traders need momentum.This is generated when news are released.

Volatility is often experienced during the speech of the ECB president.This is because traders attempt to decipher interest rates clues. As head of the ECB,which controls short term interest rates, he has more influence over the euro`s value than any other person.Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

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