• Wed. Jul 24th, 2024

🇪🇺 🇺🇸 EURUSD on Wednesday rose 0.39% to 1.05050. 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 0.39% 40.8 Pips
Week to-date -0.62% -65.9 Pips
October -0.62% -65.9 Pips

Upcoming key events (London Time)

  Thu 01:30 PM USD Initial Unemployment Insurance Claims
  Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

 🇺🇸 U.S. Factory Orders (1-mth) in August exceed forecast and rose to 1.2% compared to previous figure -2.1% in July
 🇪🇺 Euro Area Producer Price Index (1-mth) in August rose to 0.6% compared to previous figure -0.5% in July
 🇪🇺 Euro Area Retail Trade Turnover (1-mth) in August exceed forecast and dropped to -1.2% compared to previous figure -0.1, revised from -0.2% in July
 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in August exceed forecast and rose to 9.61M compared to previous figure 8.92, revised from 8.827M in July

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.39% to 1.05050. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for EURUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is at 1.05411 (R1) while on the downside, we are looking at daily low of 1.04510 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.05321 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 1.06222
R2 1.05771
R1 1.05411
Daily Pivot 1.0496
S1 1.046
S2 1.04149
S3 1.03789
On Key

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