• Mon. May 20th, 2024

🇪🇺 🇺🇸 EURUSD on Tuesday rose 0.59% to 1.08821. What we know.


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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 0.59% 63.4 Pips
Week to-date 0.83% 89.1 Pips
August -1.04% -114.7 Pips

Upcoming key events (London Time)

  Wed 01:00 PM EUR CPI Inflation Rate (12-mth)
  Wed 01:15 PM USD ADP Non-Farm Employment Change
  Wed 01:30 PM USD GDP Annualized
  Thu 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
  Thu 01:30 PM USD Initial Unemployment Insurance Claims
  Thu 01:30 PM USD Core Personal Consumption Expenditures – Price Index (12-mth)

What happened lately

 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in July below forecast and dropped to 8.827M compared to previous figure 9.165, revised from 9.582M in June
 🇺🇸 U.S. Housing Price Index (1-mth) in June exceed forecast and dropped to 0.3% compared to previous figure 0.7% in May
 🇩🇪 Germany Gfk Consumer Confidence Survey in September exceed forecast and dropped to -25.5 points compared to previous figure -24.6, revised from -24.4 points in August

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Tuesday rose 0.59% to 1.08821. Price is above 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for EURUSD looks bullish as the pair ended higher after Tuesday trading session.

Looking ahead for the day, immediate upside resistance level is at 1.09221 (R1) while on the downside, we are looking at daily low of 1.07820 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08920 may suggest continuation after recent positive movement.

For the week to-date, take note that EURUSD is mixed as compared to prior week.

Key levels to watch out:

R3 1.10321
R2 1.0962
R1 1.09221
Daily Pivot 1.0852
S1 1.08121
S2 1.0742
S3 1.07021
On Key

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