• Wed. Sep 27th, 2023

๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡บ๐Ÿ‡ธ EURUSD on Wednesday rose 1.18% to 1.11350. 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 1.18% 129.9 Pips
Week to-date 1.56% 171 Pips
July 2.09% 227.6 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD Producer Price Index excluding Food and Energy sectors (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in June below forecast and dropped to 0.2% compared to previous figure 0.4% in May
Germany ZEW Indicator of Economic Sentiment in July exceed forecast and dropped to -14.7 points compared to previous figure -8.5 points in June

EURUSD Chart byย TradingView

What can we expect from EURUSD today?

EURUSD on Wednesdayย roseย 1.18% to 1.11350. Price is above 9-Day EMA while Stochastic is rising in overbought 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 1.11802 (R1) while on the downside, we are looking at daily low of 1.10100 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.11403 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 1.56% over the past few days.

Key levels to watch out:

R3 1.13105
R2 1.12254
R1 1.11802
Daily Pivot 1.10951
S1 1.10499
S2 1.09648
S3 1.09196


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