• Fri. Feb 23rd, 2024

🇪🇺 🇺🇸 EURUSD on Wednesday rose 0.47% to 1.09299. What we know.

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 0.47% 51.4 Pips
Week to-date 1.27% 136.9 Pips
August -0.61% -66.9 Pips

Upcoming key events (London Time)

  Thu 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
  Thu 01:30 PM USD Initial Unemployment Insurance Claims
  Thu 01:30 PM USD Core Personal Consumption Expenditures – Price Index (12-mth)
  Fri 08:55 AM EUR HCOB Manufacturing PMI
  Fri 01:30 PM USD Nonfarm Payroll Employment
  Fri 03:00 PM USD ISM Manufacturing PMI

What happened lately

 🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q2 preliminary estimate below forecast and dropped to 3.7% compared to previous figure 3.8% in Q1
 🇺🇸 U.S. GDP Annualized in Q2 preliminary estimate below forecast and dropped to 2.1% compared to previous figure 2.4% in Q1
 🇺🇸 U.S. ADP Non-Farm Employment Change in August dropped to 177K compared to previous figure 371K (revised from 324K)
 🇩🇪 Germany CPI Inflation Rate (12-mth) in August preliminary estimate exceed forecast and dropped to 6.1% compared to previous figure 6.2% in July
 🇪🇺 Euro Area Economic Sentiment Indicator in August below forecast and dropped to 93.3 points compared to previous figure 94.5 points in July
 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in July below forecast and dropped to 8.827M compared to previous figure 9.165, revised from 9.582M in June
 🇺🇸 U.S. Housing Price Index (1-mth) in June exceed forecast and dropped to 0.3% compared to previous figure 0.7% in May
 🇩🇪 Germany Gfk Consumer Confidence Survey in September exceed forecast and dropped to -25.5 points compared to previous figure -24.6, revised from -24.4 points in August

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.47% to 1.09299. 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 1.09654 (R1) while on the downside, we are looking at daily low of 1.08549 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09456 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 1.10561
R2 1.10008
R1 1.09654
Daily Pivot 1.09101
S1 1.08747
S2 1.08194
S3 1.0784


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