Market Research and Analysis

Daily Market Analysis Report

Fri, 06 Jan 2017 05:02 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.0750 – 1.0300
  • Support & Resistance Levels:
  • R3:     1.0702

    R2:     1.065

    R1:     1.0619

    Pivot Point:     1.0567

    S1:     1.0515

    S2:     1.0484

    S3:     1.0432

  • Trading Recommendation:
  • Buy Above: 1.0530

    Take Profit:

    1st @ 1.063

    Stop Loss @ 1.0510


EURUSD is trading at 1.0589, up 0.98% on the day, having posted a daily high at 1.0616 and low at 1.0481. EURUSD has revived versus dollar shortcoming, to a limited extent by FOMC minutes, yet the euro has so far been not able move in a positive heading all alone legitimacy with without a doubt, an enhancing development and expansion viewpoint. The Dollar traded weaker on the fact that buy the rumor sell the fact, NFP Non-farm employment changed and Unemployment rates seems already priced in the market.

Fundamental Overview

The Euro remained supported as the U.S private sector employment increased by 153,000 jobs from November to December according to the December ADP National Employment Report. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. “As we exit 2016, it’s interesting to note that the private sector generated an average of 174,000 jobs per month, down from 209,000 in 2015.


  • German Factory Orders m/m
  • German Retail Sales m/m


  • Average Hourly Earnings m/m
  • Non-Farm Employment Change
  • Unemployment Rate
  • Trade Balance
  • Factory Orders m/m
  • FOMC Member Evans Speaks

Technical Overview

EURUSD soared to trade at 1.059 adding more than 130 pips on Thursday on better than expected economic figures released from Eurozone. The pair maintained its strong support at 1.0480 and pulled back higher from this level. Currently the pair is holding below a 50% % retracement at 1.060 and it is very likely break above this level, which will open more room for buying in the pair until 1.0652. The RSI value has shifted to 64 from 61 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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