• Wed. May 29th, 2024

EURUSD on Monday rose 0.05% to 1.07665. Pair in consolidation. 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 0.05% 5.6 Pips
Week to-date 0.05% 5.6 Pips
May 0.91% 97.5 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

 🇪🇺 Euro Area Producer Price Index (12-mth) in March improved to -7.8% compared to previous figure -8.5, revised from -8.3% in February
 🇪🇺 Euro Area Sentix Investor Confidence in May improved to -3.6 points compared to previous figure -5.9 points in April

What can we expect from EURUSD today?

EURUSD on Monday rose 0.05% to 1.07665. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.07508 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07907 or trades above daily pivot 1.07707. Break above could target R1 at 1.07865. While to the downside, we are looking at 1.07508 (S1) and daily low of 1.07550 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07907 may suggest continuation after recent positive movement.

For the week to-date, take note that EURUSD is mixed as compared to the prior week.

Key levels to watch out:

R3 1.08222
R2 1.08064
R1 1.07865
Daily Pivot 1.07707
S1 1.07508
S2 1.0735
S3 1.07151
On Key

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