• Sun. Dec 3rd, 2023

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Thursday dropped -0.25% to 1.06960. What we know.

Dearย ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

EURUSD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.25% -26.5 Pips
Week to-date -0.72% -77.3 Pips
September -1.34% -145.5 Pips

Upcoming key events (London Time)

No further events

What happened lately

ย ๐Ÿ‡ช๐Ÿ‡บย Euro Area Employment Change (3-mth) in Q2 unchanged at 0.2% compared to previous report in Q1. The actual figure is also in lineย with the forecast
ย ๐Ÿ‡ช๐Ÿ‡บย Euro Area GDP (seasonally adjusted) (3-mth) in Q2 below forecast and dropped to 0.1% compared to previous figure 0.3% in Q1
ย ๐Ÿ‡บ๐Ÿ‡ธย U.S. ISM Services PMI in August exceed forecast and rose to 54.5 points compared to previous figure 52.7 points in July
ย ๐Ÿ‡ช๐Ÿ‡บย Euro Area Retail Trade Turnover (1-mth) in July dropped to -0.2% compared to previous figure 0.2, revised from -0.3% in June
ย ๐Ÿ‡ฉ๐Ÿ‡ชย Germany Factory Orders seasonal adjustment. (1-mth) in July dropped to -11.7% compared to previous figure 7.6% (revised from 7%)

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursdayย droppedย -0.25% to 1.06960. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for EURUSD looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at 1.06773 (S1) with break below could see further selling pressure towards 1.06587 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.07320 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.06860 would indicate selling pressure.For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.72%.

Key levels to watch out:

R3 1.07693
R2 1.07507
R1 1.07233
Daily Pivot 1.07047
S1 1.06773
S2 1.06587
S3 1.06313

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