Market Research and Analysis

Daily Market Analysis Report

Wed, 07 Jun 2017 08:16 AM 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 is trading at 1.1258, down -0.0020 and -0.18% on Wednesday. The US dollar was not able increase noteworthy support on Tuesday, yet markets were unwilling to push EUR/USD higher in front of key dangers in the not so distant future and resistance levels will stay extreme to separate.

7 June EUR
Fundamental Overview

Based on provisional data, the Federal Statistical Office (Destatis) reports that price-adjusted new orders in manufacturing had decreased in April 2017 a seasonally and working-day adjusted 2.1% on March 2017. For March 2017, revision of the preliminary outcome resulted in an increase of 1.1% compared with February 2017 (primary +1.0%). In April 2017, price-adjusted new orders without major orders in manufacturing remained unchanged seasonally and working-day adjusted compared with March 2017. In April 2017, domestic orders decreased by 0.2% and foreign orders decreased by 3.4% on the previous month.

EUR

  • German Factory Orders m/m
  • Italian Retail Sales m/m

USD

  • Crude Oil Inventories
  • Consumer Credit m/m

Technical Overview

The EURUSD pair is consolidating above 1.1200. Today the price may grow towards 1.1287 and then fall to reach 1.1212. Possibly, the pair may reach 1.1305 (an alternative scenario). The main scenario implies that the market may continue its descending correction with the target at 1.0900.

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