• Wed. Sep 27th, 2023

EURUSD on Monday dropped -0.57% to 1.10607. 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 Monday
Period Pct Chg Momentum
Monday -0.57% -63.8 Pips
Week to-date -0.57% -63.8 Pips
July 1.41% 153.3 Pips

Upcoming key events (London Time)

  Tue 09:00 AM EUR European Central Bank Bank Lending Survey
  Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
  Wed 07:00 PM USD FOMC Monetary Policy Statement
  Wed 07:30 PM USD FOMC Press Conference

What happened lately

 🇪🇺 Euro Area HCOB Eurozone Manufacturing PMI in July preliminary estimate below forecast and dropped to 42.7 points compared to previous figure 43.4 points in June

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Monday dropped -0.57% to 1.10607. 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 1.10314 (S1) with break below could see further selling pressure towards 1.10021 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.11470 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.10599 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.57%.

Key levels to watch out:

R3 1.12056
R2 1.11763
R1 1.11185
Daily Pivot 1.10892
S1 1.10314
S2 1.10021
S3 1.09443

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