• Wed. Jul 24th, 2024

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Wednesday dropped -0.4% to 1.09160. 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 -0.4% -43.8 Pips
Week to-date 0.23% 25 Pips
June 2.16% 230.4 Pips

Upcoming key events (London Time)

Thu 07:30 AM USD Federal Reserve Chair Jerome Powell speech
Thu 01:00 PM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Thu 01:00 PM EUR Consumer Price Index (1-mth)| Jun flash
Thu 01:00 PM EUR Consumer Price Index (12-mth)| Jun flash
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized
Fri 07:00 AM EUR Retail Trade Turnover (12-mth)
Fri 10:00 AM EUR Core Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)

What happened lately

Germany Gfk Consumer Confidence Survey in July exceed forecast and dropped to -25.4 points compared to previous figure -24.4, revised from -24.2 points in June
U.S. New Residential Sales (1-mth) in May exceed forecast and rose to 0.763M compared to previous figure 0.68, revised from 0.683M in April
U.S. Housing Price Index (1-mth) in April exceed forecast and rose to 0.7% compared to previous figure 0.5, revised from 0.6% in March
U.S. Durable Goods Orders excluding Transportation in May rose to 0.6% compared to previous figure -0.6% (revised from -0.2%)

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesdayย droppedย -0.4% to 1.09160. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.08877 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09622 or trades above daily pivot 1.0925. While to the downside, the daily low of 1.08967 and 1.08877 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08967 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 1.10187
R2 1.09905
R1 1.09532
Daily Pivot 1.0925
S1 1.08877
S2 1.08595
S3 1.08222

 

On Key

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