• Thu. Jul 18th, 2024

🇪🇺 🇺🇸 EURUSD on Wednesday rose 0.17% to 1.08630. 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 0.17% 18.5 Pips
Week to-date -0.07% -8.1 Pips
August -1.22% -133.8 Pips

Upcoming key events (London Time)

  Thu 01:30 PM USD Initial Unemployment Insurance Claims
  Thu 03:00 PM USD Jackson Hole Symposium
  Fri 03:05 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

 🇪🇺 Euro Area Consumer Confidence in August preliminary estimate exceed forecast and dropped to -16 points compared to previous figure -15.1 points in July
 🇺🇸 U.S. Existing-Home Sales Change (1-mth) in July below forecast and improved to -2.2% compared to previous figure -3.3% in June

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.17% to 1.08630. 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 1.08188 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.08715 or trades above daily pivot 1.08452. While to the downside, the daily low of 1.08010 and 1.08188 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.08715 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 1.09598
R2 1.09157
R1 1.08893
Daily Pivot 1.08452
S1 1.08188
S2 1.07747
S3 1.07483
On Key

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