• Wed. Jul 24th, 2024

🇪🇺 🇺🇸 EURUSD on Tuesday dropped -0.12% to 1.08610. Pair in consolidation. 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 Tuesday
Period Pct Chg Momentum
Tuesday -0.12% -13 Pips
Week to-date 0.13% 14 Pips
May -1.39% -153 Pips

Upcoming key events (London Time)

Wed 11:00 PM EUR Ascension Day
Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened lately

Retail Trade Control Group in April rose to 0.7% compared to previous figure -0.4, revised from -0.3% in March
ZEW Indicator of Economic Sentiment in May below forecast and dropped to -10.7 points compared to previous figure 4.1 points in April
GDP (seasonally adjusted) (3-mth) in Q1 preliminary estimate unchanged at 0.1% compared to previous report in Q4. The actual figure is also in line with the forecast

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.12% to 1.08610. 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 1.08418 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09046 or trades above daily pivot 1.08732. While to the downside, the daily low of 1.08540 and 1.08418 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08540 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 1.0943
R2 1.09238
R1 1.08924
Daily Pivot 1.08732
S1 1.08418
S2 1.08226
S3 1.07912

On Key

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