• Sun. Jul 14th, 2024

🇪🇺 🇺🇸 EURUSD on Wednesday rose 0.01% to 1.07239. 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 0.01% 1.3 Pips
Week to-date -0.46% -49.4 Pips
September -1.08% -117.6 Pips

Upcoming key events (London Time)

  Thu 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
  Thu 10:00 AM EUR GDP (seasonally adjusted) (12-mth)
  Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened lately

 🇺🇸 U.S. ISM Services PMI in August exceed forecast and rose to 54.5 points compared to previous figure 52.7 points in July
 🇪🇺 Euro Area Retail Trade Turnover (1-mth) in July dropped to -0.2% compared to previous figure 0.2, revised from -0.3% in June
 🇩🇪 Germany Factory Orders seasonal adjustment. (1-mth) in July dropped to -11.7% compared to previous figure 7.6% (revised from 7%)

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.01% to 1.07239. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.0701 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07489 or trades above daily pivot 1.0725. While to the downside, the daily low of 1.07021 and 1.0701 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07489 may suggest continuation after recent positive movement.For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.46%.

Key levels to watch out:

R3 1.07946
R2 1.07718
R1 1.07478
Daily Pivot 1.0725
S1 1.0701
S2 1.06782
S3 1.06542
On Key

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