Market Research and Analysis

Daily Market Analysis Report

Fri, 30 Dec 2016 04:49 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0550 – 1.0250
  • Support & Resistance Levels:
  • R3:     1.0531

    R2:     1.0501

    R1:     1.0482

    Pivot Point:     1.0452

    S1:     1.0422

    S2:     1.0403

    S3:     1.0373

  • Trading Recommendation:
  • Buy Above: 1.0480

    Take Profit:

    1st @ 1.056

    Stop Loss @ 1.0460

EURUSD

EURUSD is trading at 1.0567, up 0.80% on the day, having posted a high at 1.0656 and low at 1.0481. EURUSD edged higher dramatically to trade at 1.053 as the economic figures from the Eurozone came in its favor. EURUSD has revitalized, spiking quite recently in front of Tokyo in a right around two penny rally. The market traded exceptionally uncommon but rather is very huge but inclined to amend similarly as pointedly. In reality, the dollar auction is no matter how you look at it. The high to low movement remained 244 pips with a high of 1.06525 and a low of 1.0412.

30-dec-eur
Fundamental Overview

The annual growth rate of the broad monetary aggregate M3 increased to 4.8% in November 2016, from 4.4% in October. The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, increased to 8.7% in November, from 8.0% in October. The annual growth rate of adjusted loans to households stood at 1.9% in November, compared with 1.8% in October. The annual growth rate of adjusted loans to non-financial corporations stood at 2.2% in November, compared with 2.1% in October.

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

EUR

  • Spanish Flash CPI y/y

USD

  • Chicago PMI

Technical Overview

EURUSD edged higher dramatically to trade at 1.053 as the economic figures from the Eurozone came in its favor. The pair broke out of a good resistance level of 61.8% retracement in H1 at the 1.0430 level and rapidly went for 1.0640. The RSI value has shifted higher dramatically to 65 from 48. 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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