Market Research and Analysis

Daily Market Analysis Report

Thu, 22 Dec 2016 04:09 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0550 – 1.0250
  • Support & Resistance Levels:
  • R3: 1.0612
    R2: 1.0546
    R1: 1.0505
    Pivot Point: 1.0439
    S1: 1.0373
    S2: 1.0332
    S3: 1.0266
  • Trading Recommendation:
  • Sell Below: 1.0439
    Take Profit:
    1st @ 1.03785
    Stop Loss @ 1.0460

EURUSD

EURUSD lost upward pressure in the wake of achieving the 1.0450 territories and pulled back a couple pips in the course of the most recent hours. EURUSD has been in recuperation mode on Wednesday as the greenback confronted benefit taking no matter how you look at it in the wake of hitting multi-year highs the earlier day, However, the dollar recovered ground and dragged EURUSD back to 1.0420 after the arrival of superior to expected existing home deals information.

22-dec-eur
Fundamental Overview

The National Bank of Belgium’s business gauge has continued its upward pattern in December, in the wake of having checked time a month ago. Certainly, among business pioneers has recuperated in the assembling and building ventures. It has additionally picked up quality in business-related administrations, for the third month on a line. By complexity, the monetary standpoint debilitated in the exchange segment, putting a conclusion to three successive months of more grounded figures. The change found in the assembling business is all together because of a great deal an ideal appraisal of aggregate request books, given the period of the year.

Today on Thursday, the investors are recommended to monitor the following events:

EUR

  • Belgian NBB Business Climate
  • Consumer Confidence

USD

  • Core Durable Goods Orders m/m
  • Final GDP q/q
  • Unemployment Claims
  • Durable Goods Orders m/m
  • Final GDP Price Index q/q
  • HPI m/m
  • Core PCE Price Index m/m
  • Personal Spending m/m
  • CB Leading Index m/m
  • Personal Income m/m
  • Natural Gas Storage

Technical Overview

Technically, the EURUSD remains slightly above the support level of 1.0400 on Wednesday. It edged slightly higher in earlier days of the week to maintain its retracement and to complete the 38.2% retracement 1.0485. The RSI value has shifted higher to 43. Moreover, the pair has a resistance around 1.0566 and 1.0665, while the intra-day support prevails at 1.0391 and 1.0265.

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