• Sat. Sep 30th, 2023

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Thursday dropped -0.83% to 1.06398. 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 -0.83% -89.4 Pips
Week to-date -0.55% -59.2 Pips
September -1.86% -201.7 Pips

Upcoming key events (London Time)

ย ย Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

ย ๐Ÿ‡บ๐Ÿ‡ธย U.S. Producer Price Index (12-mth) in August exceed forecast and rose to 1.6% compared to previous figure 0.8% in July
ย ๐Ÿ‡บ๐Ÿ‡ธย U.S. Monthly Retail Trade (1-mth) in August exceed forecast and rose to 0.6% compared to previous figure 0.5, revised from 0.7% in July
ย ๐Ÿ‡ช๐Ÿ‡บย Euro Area ECB Interest Rate on main refinancing operations (MRO) exceed forecast and rose to 4.5% compared to previous rate 4.25%
ย ๐Ÿ‡บ๐Ÿ‡ธย U.S. Monthly Budget Statement in August exceed forecast and rose to 89$ compared to previous figure -221$ in July
ย ๐Ÿ‡บ๐Ÿ‡ธย U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in August dropped to 4.3% compared to previous figure 4.7% in July
ย ๐Ÿ‡ช๐Ÿ‡บย Euro Area Industrial Production seasonal adjustment. (1-mth) in July exceed forecast and dropped to -1.1% compared to previous figure 0.4, revised from 0.5% in June

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursdayย droppedย -0.83% to 1.06398. 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 1.05968 (S1) with break below could see further selling pressure towards 1.05539 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.07521 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.06315 would indicate selling pressure.For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.55%.

Key levels to watch out:

R3 1.0838
R2 1.07951
R1 1.07174
Daily Pivot 1.06745
S1 1.05968
S2 1.05539
S3 1.04762

Leave a Reply

Your email address will not be published. Required fields are marked *