Daily Market Analysis Report
Fri, 09 Jun 2017 07:02 AM GMT
Author: Senior Forex Analyst, Arslan Ali Butt
- Daily Trading Range:
- 1.1300 – 1.1000
- Support & Resistance Levels:
- R3: 1.1280
Pivot Point: 1.1250
- Trading Recommendation:
- Sell Below 1.1220
1st @ 1.1160
Stop Loss @ 1.1245
EUR/USD is trading at 1.1190, down -0.0020 and -0.18% on Friday. EUR/USD is seen trading near important support shortly after the European close and while the level has not been breached, several tests have failed to result in a sustained recovery.
The ECB left all benchmark interest rates on hold following the latest Council meeting with the main refi rate remaining at 0.0% and the deposit rate at -0.40%. The decision was in line with consensus forecasts with no expectations of any move at this meeting. According to the statement, the bank expects that interest rates will be held at present levels for an extended period and well past the horizon of net asset purchases.
- German Trade Balance
- French Gov Budget Balance
- French Industrial Production m/m
- Italian Quarterly Unemployment Rate
- Final Wholesale Inventories m/m
The EURUSD has formed a doube top pattern and a hanging man along with a bearish follow through which has opened a doors to 1.1118 support is offered by the trend line sloping higher and 1.1109. A daily close below the same would expose 1.1000. Whereas, on the upside side, a daily close above 1.1285 would signal continuation of the rally from 1.0569. The move would open up upside towards 1.1366 and 1.1428.