Market Research and Analysis

Daily Market Analysis Report

Thu, 05 Jan 2017 05:10 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0750 – 1.0300
  • 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: 1.0550

    Take Profit:

    1st @ 1.0490

    Stop Loss @ 1.0580

EURUSD

EURUSD soared 80 pips from the opening price of 1.0420 to place a high of 1.0505 in the New York sessions. As suggested earlier in the previous report, the Euro is likely to remain highly volatile on the mixture economic events due on Wednesday from the Eurozone. The Euro strengthened against its peer’s currencies as the Inflation figure boosted up in the Eurozone. Moreover, today on Thursday, the investors are eyeing on the major event including advance NFP as well as unemployment claims from the U.S.

5-jan-eur
Fundamental Overview

The Euro remained supported as the number of unemployed registered in the offices of the Public Employment Services has decreased in December by 86,849 people in relation to the previous month. In this way, the total number of registered unemployed is 3,702,974 people and continues in the lowest levels of the last 7 years. In seasonally adjusted terms, unemployment dropped in December in 49,243 people. With respect to December 2015, unemployment has decreased by 390,534 people, the largest decrease in a calendar year of the whole historical series. Further, Euro area annual inflation is expected to be 1.1% in December 2016, up from 0.6% in November 2016, according to a flash estimate from Eurostat, the statistical office of the European Union.

EUR

  • PPI m/m
  • French 10-y Bond Auction
  • Spanish 10-y Bond Auction

USD

  • ADP Non-Farm Employment Change
  • Unemployment Claims
  • Final Services PMI
  • ISM Non-Manufacturing PMI

Technical Overview

EURUSD soared to trade at 1.0527 adding more than 80 pips on Wednesday on better than expected economic figures. The pair maintained its strong support at 1.0370 and pulled back higher from this level. Currently completing 61.8% retracement at 1.0539 and it is very likely to hold this level. Break above this level will open more room for buying in the pair until 1.0652. The RSI value has shifted to 61 from 48 in H4. Moreover, the pair has a resistance around 1.0590 and 1.0665, while the intra-day support prevails at 1.0477 and 1.0435.

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