• Fri. Feb 23rd, 2024

πŸ‡ͺπŸ‡Ί πŸ‡ΊπŸ‡Έ EURUSD on Tuesday dropped -0.16% to 1.06928. Pair in consolidation. What we know.

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 -0.16% -17.4 Pips
Week to-date -0.05% -5.8 Pips
June -0.02% -2.4 Pips

Upcoming key events (London Time)

Thu 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
Thu 10:00 AM EUR GDP (seasonally adjusted) (12-mth)
Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened lately

Retail Trade Turnover (12-mth) in April dropped to -2.6% compared to previous figure -3.3% in March (revised from -3.8%)
Factory Orders (1-mth) in April exceed forecast and rose to 4% compared to previous figure 0.9% in March

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on TuesdayΒ droppedΒ -0.16% to 1.06928. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.06616 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07329 or trades above daily pivot 1.06972. While to the downside, the daily low of 1.06660 and 1.06616 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.06660 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 1.07954
R2 1.07641
R1 1.07285
Daily Pivot 1.06972
S1 1.06616
S2 1.06303
S3 1.05947

 

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