• Fri. Feb 23rd, 2024

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Tuesday dropped -0.14% to 1.04647. 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 -0.14% -14.3 Pips
Week to-date -1% -106.2 Pips
October -1% -106.2 Pips

Upcoming key events (London Time)

ย ย Wed 10:00 AM EUR Retail Trade Turnover (12-mth)
ย ย Wed 05:00 PM EUR European Central Bank’s President Christine Lagarde speech
ย ย Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened lately

ย ๐Ÿ‡บ๐Ÿ‡ธย U.S. Job Openings and Labor Turnover Survey (JOLTS) in August exceed forecast and rose to 9.61M compared to previous figure 8.92, revised from 8.827M in July

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Tuesdayย droppedย -0.14% to 1.04647. 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 Tuesday trading session.

Looking ahead for the day, immediate support level is at 1.0444 (S1) with break below could see further selling pressure towards 1.04233 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.04934 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.04480 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -1%.

Key levels to watch out:

R3 1.05348
R2 1.05141
R1 1.04894
Daily Pivot 1.04687
S1 1.0444
S2 1.04233
S3 1.03986

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