Market Research and Analysis

Daily Market Analysis Report

Fri, 14 Apr 2017 03:56 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0960 – 1.0700
  • Support & Resistance Levels:
  • R3: 1.0967
    R2: 1.0839
    R1: 1.0760
    Pivot Point: 1.0632
    S1: 1.0504
    S2: 1.0425
    S3: 1.0297
  • Trading Recommendation:
  • Sell Below: 1.06715
    Take Profit:
    1st @ 1.06416
    Stop Loss @ 1.0700

EURUSD

The EUR/USD pair stays inside a striking separation of daily lows struck at 1.0638, having followed half of yesterday broad rally, upheld by blurring Trump exchange. The most recent leg down in the spot is generally on the back of cross-driven shortcoming, as size-capable misfortunes in both EUR/GBP and EUR/JPY keep the normal cash undermined against its American partner. Additionally, the Euro seems to have lost its financing money status, as it has neglected to exploit common hazard off tone in the midst of geopolitical strains, with the European values feeling the warmth.

14 April EUR
Fundamental Overview

Consumer prices in Germany were 1.6% higher in March 2017 than in March 2016. The inflation rate – measured by the consumer price index – thus decreased. In February 2017, it had been +2.2%. Compared with the previous month, the consumer price index rose by 0.2% in March 2017. The Federal Statistical Office (Destatis) thus confirms its provisional overall results of 30 March 2017. The inflation rate in March 2017 was characterised mainly by the development of energy prices, as had been the case in the previous months. The year-on-year price increase (+5.1%), however, was markedly smaller than in February 2017 (+7.2%).

EUR

  • German Bank Holiday

USD

  • CPI m/m
  • Core CPI m/m
  • Core Retail Sales m/m
  • Retail Sales m/m
  • Business Inventories m/m

Technical Overview

The EURUSD shows another drop in the prices from 1.0670 to 1.0609.  Yesterday, I shared about a likelihood of another bearish wave below 1.0670 major resistance level. Today, we may see another bullish wave only above 1.0565, up to 1.0650. Whereas below 1.0560, the pair is expected to fall up to 1.0505 a major support area. On the upside, 1.0675 level instantly seems to serve as immediate resistance, if the pair breaks above this level then it can go for $1.0690.

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