Market Research and Analysis

Daily Market Analysis Report

Thu, 08 Jun 2017 09:29 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.1300 – 1.1000
  • Support & Resistance Levels:
  • R3: 1.1280
    R2: 1.1325
    R1: 1.1375
    Pivot Point: 1.1250
    S1: 1.1170
    S2: 1.1050
    S3: 1.0990
  • Trading Recommendation:
  • Sell Below 1.1260
    Take Profit:
    1st @ 1.1220
    Stop Loss @ 1.1285

EURUSD

EUR/USD is trading at 1.1244, down -0.0012 and -0.11% on Thursday. The euro rebounded after falling to its lowest in a week following a report that the European Central Bank is considering lowering its inflation projections, while the dollar rose after ex-FBI Director James Comey’s opening statement for congressional testimony on Thursday was released.

8 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 Industrial Production m/m
  • French Trade Balance
  • Revised GDP q/q
  • Minimum Bid Rate
  • ECB Press Conference

USD

  • Unemployment Claims
  • Natural Gas Storage

Technical Overview

The EURUSD the pair is losing 0.57% at 1.1214 facing the next support at 1.1202 followed by 1.1162 and finally 1.1108. On the flip side, a breakout of 1.1284 would target 1.1300 en route to 1.1367. The investors are waiting for the ECB minimum bid rate and Press conference.

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Read our General Risk Disclosure.