• Fri. Feb 23rd, 2024

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Tuesday dropped -0.01% to 1.09030. Pair in consolidation. 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 Tuesday
Period Pct Chg Momentum
Tuesday -0.01% -1.6 Pips
Week to-date -0.37% -40.6 Pips
August -0.85% -93.8 Pips

Upcoming key events (London Time)

ย ย Wed 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
ย ย Wed 10:00 AM EUR GDP (seasonally adjusted) (12-mth)
ย ย Wed 07:00 PM USD FOMC Meeting Minutes
ย ย Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened lately

ย ๐Ÿ‡บ๐Ÿ‡ธย U.S. Monthly Retail Trade (1-mth) in July exceed forecast and rose to 0.7% compared to previous figure 0.2% in June
ย ๐Ÿ‡บ๐Ÿ‡ธย U.S. Retail Trade Control Group in July rose to 1% compared to previous figure 0.5% (revised from 0.6%)

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Tuesdayย droppedย -0.01% to 1.09030. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.08822 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09525 or trades above daily pivot 1.09173. While to the downside, the daily low of 1.08965 and 1.08822 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08965 would indicate selling pressure.For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.37%.

Key levels to watch out:

R3 1.09942
R2 1.09733
R1 1.09382
Daily Pivot 1.09173
S1 1.08822
S2 1.08613
S3 1.08262

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