• Thu. Jul 18th, 2024

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Wednesday rose 0.04% to 1.06980. 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 0.04% 4.6 Pips
Week to-date -0.07% -8 Pips
June 0.12% 12.4 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. Goods and Services Trade Balance in April dropped to -74.6$ compared to previous figure -60.6$ (revised from -64.2$)
Retail Trade Turnover (12-mth) in April dropped to -2.6% compared to previous figure -3.3% in March (revised from -3.8%)

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesdayย roseย 0.04% to 1.06980. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.06634 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07398 or trades above daily pivot 1.07016. While to the downside, the daily low of 1.06670 and 1.06634 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07398 may suggest continuation after recent positive movement.

For the week to-date, take note that EURUSD is mixed as compared to prior week.

Key levels to watch out:

R3 1.0809
R2 1.07744
R1 1.07362
Daily Pivot 1.07016
S1 1.06634
S2 1.06288
S3 1.05906


On Key

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