• Wed. Sep 27th, 2023

πŸ‡ͺπŸ‡Ί πŸ‡ΊπŸ‡Έ EURUSD on Wednesday dropped -0.23% to 1.08538. 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 Wednesday
Period Pct Chg Momentum
Wednesday -0.23% -25.3 Pips
Week to-date -0.49% -53.6 Pips
July -0.49% -53.6 Pips

Upcoming key events (London Time)

Thu 01:15 PM USD ADP Non-Farm Employment Change
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 03:00 PM USD ISM Services PMI
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 05:45 PM EUR European Central Bank’s President Christine Lagarde speech

What happened lately

Euro Area Producer Price Index (12-mth) in May exceed forecast and dropped to -1.5% compared to previous figure 1% in April
Euro Area Producer Price Index (1-mth) in May exceed forecast and improved to -1.9% compared to previous figure -3.2% in April
Germany Trade Balance seasonal adjustment. in May below forecast and dropped to 14.4€ compared to previous figure 18.4€ in April

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on WednesdayΒ droppedΒ -0.23% to 1.08538. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at 1.08332 (S1) with break below could see further selling pressure towards 1.08127 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09079 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08500 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 1.0949
R2 1.09285
R1 1.08911
Daily Pivot 1.08706
S1 1.08332
S2 1.08127
S3 1.07753


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