Market Research and Analysis

Daily Market Analysis Report

Thu, 29 Dec 2016 05:36 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0550 – 1.0250
  • Support & Resistance Levels:
  • R3: 1.0612
    R2: 1.0546
    R1: 1.0505
    Pivot Point: 1.0439
    S1: 1.0373
    S2: 1.0332
    S3: 1.0266
  • Trading Recommendation:
  • Sell Below: 1.0440

    Take Profit:

    1st @ 1.038

    Stop Loss @ 1.0455


EURUSD fell slightly in the early trading session to trade at 1.03717 and recovered soon in the New York trading sessions on worse than expected pending homes sales economic events. The figure fell to -2.5% from 0.1% previously.   Further, the EUR traded mixed in the absence of any major event from the Eurozone. The high to low movement remained 115 pips with a high of 1.04792 and a low of 1.03713.

Fundamental Overview

The US Dollar remain slightly weak on Pending home sales, as pending home sales dipped in November to their lowest level in nearly a year as the brisk upswing in mortgage rates and not enough inventory dispirited some would-be buyers, according to the National Association of Realtors. Only the Northeast saw monthly and annual pending sales gains last month. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 2.5 percent to 107.3 in November from 110.0 in October. After last month’s decrease in activity, the index is now 0.4 percent below last November (107.7) and is at its lowest reading since January (105.4).

Today on Thursday, the investors are recommended to monitor the following events:


  • M3 Money Supply y/y
  • Private Loans y/y
  • Italian 10-y Bond Auction


  • Unemployment Claims

Technical Overview

EURUSD is trading slightly bullish at 1.0435 after falling sharply to 1.0371. The pair is pulling back up slightly to complete the 61.8% retracement in H1 at the 1.0430 level. The RSI value has shifted lower to 48 from 58. Moreover, the pair has a resistance around 1.0566 and 1.0665, while the intra-day support prevails at 1.0391 and 1.0265.

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