Market Research and Analysis

Daily Market Analysis Report

Mon, 09 Jan 2017 02:29 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0750 – 1.0300
  • Support & Resistance Levels:
  • R3: 1.0702
    R2: 1.065
    R1: 1.0619
    Pivot Point: 1.0567
    S1: 1.0515
    S2: 1.0484
    S3: 1.0432
  • Trading Recommendation:
  • Sell Below: 1.0560
    Take Profit:
    1st @ 1.0510
    Stop Loss @ 1.0580


EURUSD dipped more than 100 pips to trade at 1.0532, having posted a daily high at 1.06214 and low at 1.0524. EURUSD posted a crisp 14-year low toward the start of 2017, as trust in the dollar stayed in place, and financial specialists hurried to get it back after the year-end rally towards 1.0650. However, news originating from the US imprinted such positive assumption, as while the EU posted some strong readings that propose developing monetary force, heaps of political instability and a baffling employment’s creation originated from the US.

Fundamental Overview

According to estimates of the Federal Statistical Office (Destatis), retail turnover 2016 in Germany is expected to be in real terms between 1.8% and 2.1% larger than that in 2015. In nominal terms turnover is expected to increase by between 2.4% and 2.6%. This estimation is based on data for the first eleven months of 2016. In this period retail turnover was in real terms 1.9% and in nominal terms 2.2% larger than that in the corresponding period of the previous year. According to provisional data turnover in retail trade in November 2016 was in real terms 3.2% and in nominal terms 4.1% larger than that in November 2015.


  • German Industrial Production m/m
  • German Trade Balance
  • Italian Monthly Unemployment Rate
  • Sentix Investor Confidence
  • Unemployment Rate


  • Labor Market Conditions Index
  • Consumer Credit m/m

Technical Overview

EURUSD trades at 1.0532 falling below 23.6% retracement and heading towards The pair still maintains a strong support at 1.0480 as in previous week it pulled back higher from this level. Currently, the pair is holding below a 50% retracement (D1) at 1.060 and it is very likely hold below this level. The RSI value has shifted to 51 from 64 in H4. Moreover, the pair has a resistance around 1.0590 and 1.0665, while the intra-day support prevails at 1.0477 and 1.0435.

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