Market Research and Analysis

Daily Market Analysis Report

Tue, 03 Jan 2017 05:00 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0550 – 1.0250
  • Support & Resistance Levels:
  • R3:     1.0581R2:     1.0525

    R1:     1.049

    Pivot Point:     1.0434

    S1:     1.0378

    S2:     1.0343

    S3:     1.0287

  • Trading Recommendation:
  • Buy Above: 1.0450

    Take Profit:

    1st @ 1.0507

    Stop Loss @ 1.0430


EURUSD is going to post the second every day decrease in succession. The pair keeps on declining in the wake of making on Thursday a spike to 1.0650 and it was going to end the primary exchanging day of 2017 beneath 1.0500.  Right now, it remains at the lows, drifting around 1.0460. Today cost dropped back beneath the 20-day moving normal and is currently moving toward the past exchanging range that won before the spike, when the pair moved somewhere around 1.0500 and 1.0350.

Fundamental Overview

Growth continued to strengthen in the Spanish manufacturing sector in December, with rates of expansion in output and new orders the fastest since the start of 2016. Firms took on extra staff at a marked pace accordingly. Inflationary pressures continued to build, with rises in both input costs and output prices at multi-year highs. The headline Markit Spain Manufacturing PMI® is a composite single-figure indicator of manufacturing performance. It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.

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


  • German Prelim CPI m/m
  • French Prelim CPI m/m
  • German Unemployment Change


  • ISM Manufacturing PMI

Technical Overview

EURUSD fell 86 pips on Monday despite better economic conditions, and traded bearish at 1.047. 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, but eventually managed to close below 38.2% extension level at 1.0560. The RSI value has shifted to 48 from 65 in H4. 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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