Market Research and Analysis

Daily Market Analysis Report

Thu, 09 Feb 2017 09:58 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0850 – 1.0500
  • Support & Resistance Levels:
  • R3: 1.0799
    R2: 1.0752
    R1: 1.0723
    Pivot Point: 1.0676
    S1: 1.0629
    S2: 1.06
    S3: 1.0553
  • Trading Recommendation:
  • Sell Below: 1.0706
    Take Profit:
    1st @ 1.0666
    Stop Loss @ 1.0725

EURUSD

EURUSD is trading bullish at 1.0704, adding +0.006 points and +0.06%, while having posted a daily high at 1.0713 and low at 1.0639. The pair confronted dismissal at 1.07 handle and from that point amplifies its withdraw, as the USD bulls stay on the front foot no matter how you look at it, regardless of curbed treasury yields. The greenback’s additions were kept under tight restraints in the midst of worries over U.S. President Donald Trump’s protectionist position and late clues from the new organization that it would favor a weaker dollar.

9 Feb EUR
Fundamental Overview

The euro went under weight in the midst of worries over the likelihood of a Brexit or Trump-style stun result in France’s forthcoming presidential decision. Stresses over decisions in the Netherlands, Germany and potentially Italy, and in addition the continuous column over Greece’s bailout added to worries over political hazard in the euro region. Timid comments by European Central Bank President Mario Draghi, who on Monday made light of requires the bank to downsize its boost program, additionally weighed. In the meantime, assumption on the greenback stayed upheld after Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday that the U.S. national bank ought to keep money related approach tolerably accommodative.

EUR

  • German Trade Balance

USD

  • Unemployment Claims
  • Final Wholesale Inventories m/m
  • Natural Gas Storage
  • 30-y Bond Auction
  • FOMC Member Evans Speaks

Technical Overview

The technical side of a pair EURUSD suggest a bullishness in the pair. At the moment, it’s trading higher around 1.06993, as it pulled back up after testing a 20 EMA support level in the daily chart. Whereas, following the same narrow range of 1.0760 – 10660. The breakout will determine the next trend of the market. Besides that, the pair continues to hold below a strong resistance level of 1.0715. Below this level, the pair may target a new level of 1.06600. While on a higher side, the break above a resistance of 1.0715 is likely add further buying until 1.07600. The RSI value has shifted to 48 from 41 in H4 with a slight change. Besides, the pair has a resistance around 1.07150 and 1.0760, while the intra-day support prevails at 1.0670 and 1.06300.

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