• Sat. Sep 30th, 2023

🇪🇺 🇺🇸 EURUSD on Tuesday dropped -0.44% to 1.08466. What we know.

Dear ,

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 -0.44% -47.7 Pips
Week to-date -0.23% -24.5 Pips
August -1.37% -150.2 Pips

Upcoming key events (London Time)

  Wed 08:30 AM EUR HCOB Composite PMI
  Wed 08:30 AM EUR HCOB Manufacturing PMI
  Wed 08:30 AM EUR HCOB Services PMI
  Wed 09:00 AM EUR HCOB Eurozone Composite PMI
  Wed 09:00 AM EUR HCOB Eurozone Manufacturing PMI
  Wed 09:00 AM EUR HCOB Eurozone Services PMI
  Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened lately

 🇺🇸 U.S. Existing-Home Sales Change (1-mth) in July below forecast and improved to -2.2% compared to previous figure -3.3% in June
 🇩🇪 Germany Producer Price Index (1-mth) in July exceed forecast and dropped to -1.1% compared to previous figure -0.3% in June

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.44% to 1.08466. Price is below 9-Day EMA while Stochastic is rising 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 1.08094 (S1) with break below could see further selling pressure towards 1.07723 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09305 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08328 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 1.10048
R2 1.09677
R1 1.09071
Daily Pivot 1.087
S1 1.08094
S2 1.07723
S3 1.07117

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