Market Research and Analysis

Daily Market Analysis Report

Thu, 23 Mar 2017 05:55 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0850 – 1.0500
  • Support & Resistance Levels:
  • R3: 1.0859
    R2: 1.079
    R1: 1.0747
    Pivot Point: 1.0678
    S1: 1.0609
    S2: 1.0566
    S3: 1.0497
  • Trading Recommendation:
  • Buy Below: 1.0785
    Take Profit:
    1st @ 1.0825
    Stop Loss @ 1.0755

EURUSD

The EURUSD is trading mostly unchanged at 1.0789, down -0.007 points and -0.06% for the day. The pair keeps up the positive momentum for the day, after Fed’s Yellen essentially affirmed a rate climb for this March. The pair extended its progress up to 1.0799, a crisp 3-week high, despite the fact that there’s no finish and the pair drifts around the 1.0772 district. Nearby impart markets are exchanging to a downbeat tone, helping the basic money to progress.

23 March EUR
Fundamental Overview

In January 2017,production in industry was up by 2.8% from the previous month on a price, seasonally and working day adjusted basis according to provisional data of the Federal Statistical Office (Destatis). In December 2016, the corrected figure shows a decrease of 2.4% (primary –3.0%) from November 2016. In January 2017, production in industry excluding energy and construction was up by 3.7%. Within industry, the production of capital goods increased by 6.1% and the production of consumer goods by 2.3%. The production of intermediate goods showed an increase by 1.7%. Energy production was down by 0.7% in January 2017.

EUR

  • Long Term Refinancing Operation (Tentative)

USD

  • Unemployment Claims
  • Fed Chair Yellen Speaks
  • New Home Sales
  • FOMC Member Kashkari Speaks

Technical Overview

The EURUSD is still unchanged due to lack of volatility in the market. The pair is trading with the same techncials as it is below a tripple top resistance level of 1.0798.  Currently, the pair is holding at 1.0780 below a moving average resistance level of 1.0790 and above a major support level of $1.0762. The RSI is also trading in a neutral to slightly bearish tone at giving an indication that we may see some selling in the pair. At the movement, the pair is likely to find a support at 1.07570 and a breakage below this level is likely to lead the market towards next level of 1.0710. Whereas resistance is found at 1.0792.

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