Market Research and Analysis

Daily Market Analysis Report

Mon, 05 Jun 2017 20:38 PM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.1300 – 1.1000
  • Support & Resistance Levels:
  • R3: 1.1205
    R2: 1.1114
    R1: 1.1021
    Pivot Point: 1.093
    S1: 1.0837
    S2: 1.0746
    S3: 1.0653
  • Trading Recommendation:
  • Buy Above 1.1230
    Take Profit:
    1st @ 1.1280
    Stop Loss @ 1.1205

EURUSD

EUR/USD has retraced a portion of the gain which took place Friday after a weaker than expected US employment report sent the US dollar sharply lower. EUR/USD is currently trading at 1.1242, a loss of 0.34% from Friday’s close. Despite the downside bias in today’s trading, the overall outlook for EUR/USD remains positive, given the constructive price action which has taken place in recent sessions.

6 June EUR
Fundamental Overview

The German service sector maintained a strong rate of expansion mid-way through the second quarter of 2017, according to the latest PMI® survey data from IHS Markit. The rate of growth in total activity was little-changed from those seen in March and April, and stronger than the long-run survey average. New business growth picked up from April but remained weaker than the rise in total activity, enabling firms to cut their outstanding business for the second month running. Employment rose at one of the fastest rates seen over the past six years, and firms were at their most confident regarding future workloads.

EUR

  • Retail PMI
  • Sentix Investor Confidence
  • Retail Sales m/m

USD

  • JOLTS Job Openings
  • IBD/TIPP Economic Optimism

Technical Overview

The EURUSD at the moment, the pair is down 0.12% at 1.1267 facing the next support at 1.1202 followed by 1.1122  and finally 1.1108. On the other hand, a breakout of 1.1284 would target1.1300 en route to 1.1367.

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There is a substantial risk of loss in trading commodity futures, option and off-change foreign currency products.
Read our General Risk Disclosure.