Market Research and Analysis

Daily Market Analysis Report

Wed, 11 Jan 2017 05:13 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: 1.0575
    Take Profit:
    1st @ 1.05200
    Stop Loss @ 1.0590


EURUSD traded slightly bullish on Monday at 1.5690 adding around 70 pips, having posted a daily high at 1.0582 and low at 1.0510. EURUSD keeps its sideline theme well and sound at the beginning of the week, currently navigating above 1.0600ahead of Fed speakers. The pair is recovering part of the ground lost on Friday in the wake of the US labor market figures for the month of December and in spite of a bid tone surrounding the buck. Investors are continuously making the U.S Dollar weaker focusing on the labor market figures released on Friday.

Fundamental Overview

Employment rate was 57.3%, +0.1 percentage points over October, unemployment rate was 11.9%, +0.2 percentage points in a month and inactivity rate was 34.8%, -0.2 percentage points over the previous month. Youth unemployment rate (aged 15-24) was 39.4%, +1.8 percentage points over October and youth unemployment ratio in the same age group was 10.6%, +0.7 percentage points in a month. In order to improve the timeliness of statistical information on the Italian labor market and in accordance with the agreements made within the European Union.


  • German 10-y Bond Auction


  • Crude Oil Inventories
  • President-Elect Trump Speaks
  • 10-y Bond Auction
  • FOMC Member Dudley Speaks

Technical Overview

EURUSD trades at 1.0600 soaring from 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 at 1.060 and it is very likely hold below this level. The RSI value has shifted to 65 from 51 in H4. Moreover, the pair has a resistance around 1.0604 and 1.0665, while the intra-day support prevails at 1.0577 and 1.0530.

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