• Wed. Jul 17th, 2024

🇪🇺 🇺🇸 EURUSD on Thursday dropped -0.73% to 1.08435. End August down by -1.39% or -153.3 pips lower. What we know.


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Dear ,

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 -0.73% -79.3 Pips
Week to-date 0.47% 50.5 Pips
August -1.39% -153.3 Pips

Upcoming key events (London Time)

  Fri 08:55 AM EUR HCOB Manufacturing PMI
  Fri 01:30 PM USD Nonfarm Payroll Employment
  Fri 03:00 PM USD ISM Manufacturing PMI

What happened lately

 🇺🇸 U.S. Personal Spending in July rose to 0.8% compared to previous figure 0.6% (revised from 0.5%)
 🇪🇺 Euro Area Core Harmonized Index of Consumer Prices (HICP) (1-mth) in August preliminary estimate rose to 0.3% compared to previous figure -0.1% in July
 🇪🇺 Euro Area Unemployment Rate in July unchanged at 6.4% compared to previous report in June. The actual figure is also in line with the forecast
 🇩🇪 Germany Unemployment Change in July exceed forecast and rose to 18K compared to previous figure -4K in June
 🇩🇪 Germany Retail Trade (1-mth) in July unchanged at -0.8% compared to previous report in June.
 🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q2 preliminary estimate below forecast and dropped to 3.7% compared to previous figure 3.8% in Q1
 🇺🇸 U.S. GDP Annualized in Q2 preliminary estimate below forecast and dropped to 2.1% compared to previous figure 2.4% in Q1
 🇺🇸 U.S. ADP Non-Farm Employment Change in August dropped to 177K compared to previous figure 371K (revised from 324K)
 🇩🇪 Germany CPI Inflation Rate (12-mth) in August preliminary estimate exceed forecast and dropped to 6.1% compared to previous figure 6.2% in July
 🇪🇺 Euro Area Economic Sentiment Indicator in August below forecast and dropped to 93.3 points compared to previous figure 94.5 points in July

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.73% to 1.08435. Price is below 9-Day EMA while Stochastic is rising.

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 1.08057 (S1) with break below could see further selling pressure towards 1.0768 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09394 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08348 would indicate selling pressure.

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

EURUSD ended month of August trading session down by -1.39% or -153.3 pips lower.

Key levels to watch out:

R3 1.10149
R2 1.09772
R1 1.09103
Daily Pivot 1.08726
S1 1.08057
S2 1.0768
S3 1.07011
On Key

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