Market Research and Analysis

Daily Market Analysis Report

Mon, 02 Jan 2017 07:19 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0550 – 1.0250
  • Support & Resistance Levels:
  • R3:     1.0581

    R2:     1.0525

    R1:     1.049

    Pivot Point:     1.0434

    S1:     1.0378

    S2:     1.0343

    S3:     1.0287

  • Trading Recommendation:
  • Sell Below: 1.0546

    Take Profit:

    1st @ 1.0475

    Stop Loss @ 1.0560


EURUSD concluded the 2016 at 1.0513, falling around 3% over pair completed 2016 a 1.0513, approximately 3% lower, the third back to back year of decays. In spite of sharp dollar misfortunes the whole way across the load up early Friday, which brought about the pair quickly exchanging at 1.0649, the negative assessment towards the normal money won. Thin exchanging conditions may have exacerbated benefit taking in the last dynamic day of the year, while some examiner speculate some algo action may likewise need to do with the development. All things considered, the greenback shut the month down against the vast majority of its significant adversaries. The high to low movement remained 171 pips with a high of 1.06522 and a low of 1.04820.

Fundamental Overview

In December, eight tenths higher than in November The annual rate of the leading indicator of the HICP is 1.4% The estimated annual inflation of the CPI in December 2016 is 1.5%, according to the An advance indicator prepared by INE. This indicator provides an advance of the CPI which, if confirmed, would Increase of eight tenths in its annual rate, since in the month of November this variation Was 0.7%. This increase is mainly explained by the rise in fuel prices (Diesel and gasoline) compared to the decline experienced last year. On the other hand, the annual variation of the leading indicator of the HICP 1.4%.

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


  • Spanish Manufacturing PMI
  • Italian Manufacturing PMI
  • French Final Manufacturing PMI
  • German Final Manufacturing PMI
  • Final Manufacturing PMI


  • Bank Holiday

Technical Overview

EURUSD traded bullish dramatically at 1.057 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 1.0652. 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 1.0447 and 1.0391.

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