• Fri. Sep 29th, 2023

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Wednesday rose 0.41% to 1.08331. What we know.

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 0.41% 44.4 Pips
Week to-date 0.81% 87.1 Pips
June 1.38% 147.5 Pips

Upcoming key events (London Time)

Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD Monthly Retail Trade (1-mth)
Thu 01:45 PM EUR European Central Bank Press Conference
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

U.S. Interest Rate Projections rose to 5.6% compared to previous rate 5.1%
U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.25% compared to previous rate 5.25%
Euro Area Industrial Production seasonal adjustment. (1-mth) in April exceed forecast and rose to 1% compared to previous figure -3.8, revised from -4.1% in March
U.S. CPI Inflation Rate (12-mth) in May below forecast and dropped to 4% compared to previous figure 4.9% in April
Germany ZEW Indicator of Economic Sentiment in June exceed forecast and improved to -8.5 points compared to previous figure -10.7 points in May

EURUSD Chart byย TradingView

What can we expect from EURUSD today?

EURUSD on Wednesdayย roseย 0.41% to 1.08331. Price is above 9-Day EMA while Stochastic is rising.

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 1.08737 (R1) while on the downside, we are looking at daily low of 1.07730 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08640 may suggest continuation after recent positive movement.

For the week to-date, take note that EURUSD is bullish as the pair continued to trade higher and is up by 0.81% over the past few days.

Key levels to watch out:

R3 1.09647
R2 1.09144
R1 1.08737
Daily Pivot 1.08234
S1 1.07827
S2 1.07324
S3 1.06917


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