• Sat. Jul 20th, 2024

🇪🇺 🇺🇸 EURUSD on Wednesday dropped -0.25% to 1.07321. Pair in consolidation. 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 Wednesday
Period Pct Chg Momentum
Wednesday -0.25% -26.9 Pips
Week to-date 0.31% 33.1 Pips
September -1.01% -109.4 Pips

Upcoming key events (London Time)

  Thu 01:15 PM EUR European Central Bank Monetary Policy Decision Statement
  Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
  Thu 01:30 PM USD Initial Unemployment Insurance Claims
  Thu 01:30 PM USD Producer Price Index excluding Food and Energy sectors (12-mth)
  Thu 01:30 PM USD Monthly Retail Trade (1-mth)
  Thu 01:45 PM EUR European Central Bank Press Conference
  Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

 🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in August dropped to 4.3% compared to previous figure 4.7% in July
 🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in July exceed forecast and dropped to -1.1% compared to previous figure 0.4, revised from 0.5% in June
 🇪🇺 Euro Area ZEW Survey – Economic Sentiment in September exceed forecast and dropped to -8.9 points compared to previous figure -5.5 points in August
 🇩🇪 Germany ZEW Survey – Economic Situation (Germany) in September exceed forecast and dropped to -79.4 points compared to previous figure -71.3 points in August
 🇩🇪 Germany ZEW Indicator of Economic Sentiment in September below forecast and improved to -11.4 points compared to previous figure -12.3 points in August


EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.25% to 1.07321. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.07071 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07648 or trades above daily pivot 1.07359. While to the downside, the daily low of 1.07109 and 1.07071 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.07109 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 1.08149
R2 1.07898
R1 1.0761
Daily Pivot 1.07359
S1 1.07071
S2 1.0682
S3 1.06532

 

On Key

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