Market Research and Analysis

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
    R2: 1.1325
    R1: 1.1375
    Pivot Point: 1.1250
    S1: 1.1170
    S2: 1.1050
    S3: 1.0990
  • Trading Recommendation:
  • Sell Below 1.1220
    Take Profit:
    1st @ 1.1160
    Stop Loss @ 1.1245

EURUSD

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.

9 June EUR
Fundamental Overview

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.

EUR

  • German Trade Balance
  • French Gov Budget Balance
  • French Industrial Production m/m
  • Italian Quarterly Unemployment Rate

USD

  • Final Wholesale Inventories m/m

Technical Overview

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.

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Read our General Risk Disclosure.