• Mon. May 20th, 2024

EURUSD on Monday dropped -0.4% to 1.07422. 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 Monday
Period Pct Chg Momentum
Monday -0.4% -42.7 Pips
Week to-date -0.4% -42.7 Pips
February -0.7% -75.8 Pips

Upcoming key events (London Time)

  Tue 10:00 AM EUR Retail Trade Turnover (12-mth)

What happened lately

 🇪🇺 Euro Area Producer Price Index (12-mth) in December dropped to -10.6% compared to previous figure -8.8% in November
 🇪🇺 Euro Area Sentix Investor Confidence in February improved to -12.9 points compared to previous figure -15.8 points in January

What can we expect from EURUSD today?

EURUSD on Monday dropped -0.4% to 1.07422. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks bearish as the pair posted lower in Monday trading session.

Looking ahead for the day, immediate support level is at S1 1.07147 with break below could see further selling pressure towards S2 at 1.06872. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.07861 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07229 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.4%.

Key levels to watch out:

R3 1.08411
R2 1.08136
R1 1.07779
Daily Pivot 1.07504
S1 1.07147
S2 1.06872
S3 1.06515
On Key

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