• Wed. Jul 17th, 2024

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Thursday dropped -0.43% to 1.08653. What we know.


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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 -0.43% -47.2 Pips
Week to-date -0.24% -25.7 Pips
June 1.68% 179.7 Pips

Upcoming key events (London Time)

Fri 07:00 AM EUR Retail Trade Turnover (12-mth)
Fri 10:00 AM EUR Core Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)

What happened lately

U.S. GDP Annualized in Q1 exceed forecast and rose to 2% compared to previous figure 1.3% in Q4
U.S. Core Personal Consumption Expenditures (3-mth) in Q1 below forecast and dropped to 4.9% compared to previous figure 5% in Q4
Germany Gfk Consumer Confidence Survey in July exceed forecast and dropped to -25.4 points compared to previous figure -24.4, revised from -24.2 points in June

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursdayย droppedย -0.43% to 1.08653. Price is below 9-Day EMA while Stochastic is falling.

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 1.08363 (S1) with break below could see further selling pressure towards 1.08074 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09414 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08599 would indicate selling pressure.

For the week to-date, take note that EURUSD is mixed as compared to prior week.

Key levels to watch out:

R3 1.09993
R2 1.09704
R1 1.09178
Daily Pivot 1.08889
S1 1.08363
S2 1.08074
S3 1.07548


On Key

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