• Thu. Jul 18th, 2024

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Wednesday dropped -0.35% to 1.06944. End May down by -2.9% or -319.6 pips lower. Pair in consolidation. What we know.

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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 -0.35% -38.1 Pips
Week to-date -0.29% -30.6 Pips
May -2.9% -319.6 Pips

Upcoming key events (London Time)

Thu 10:30 AM EUR European Central Bank’s President Christine Lagarde speech
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

U.S. Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%)

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesdayย droppedย -0.35% to 1.06944. 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 1.06404 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07356 or trades above daily pivot 1.0688. While to the downside, the daily low of 1.06340 and 1.06404 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.06340 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.29%.

EURUSD ended month of May trading session down by -2.9% or -319.6 pips lower.

Key levels to watch out:

R3 1.08436
R2 1.07896
R1 1.0742
Daily Pivot 1.0688
S1 1.06404
S2 1.05864
S3 1.05388

 

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