• Sat. Jun 15th, 2024

EURUSD on Thursday dropped -0.02% to 1.06607. 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 Thursday
Period Pct Chg Momentum
Thursday -0.02% -2.6 Pips
Week to-date 0.01% 1.1 Pips
September -1.67% -180.8 Pips

Upcoming key events (London Time)

Fri 08:30 AM EUR HCOB Composite PMI
Fri 09:00 AM EUR HCOB Eurozone Composite PMI

What happened lately

🇪🇺 Euro Area Consumer Confidence in September preliminary estimate exceed forecast and dropped to -17.8 points compared to previous figure -16 points in August DG ECFIN
🇺🇸 U.S. Existing-Home Sales Change (1-mth) in August below forecast and improved to -0.7% compared to previous figure -2.2% in July
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in September exceed forecast and dropped to -13.5 points compared to previous figure 12 points in August
🇺🇸 In the week ending 16 September, U.S. Initial Unemployment Insurance Claims dropped to 201K compared to previous figure 221K (revised from 220K) Department of Labor
🇺🇸 U.S. Interest Rate Projections – Longer unchanged at 2.5% compared to previous rate 2.5%
🇺🇸 U.S. Interest Rate Projections unchanged at 5.6% compared to previous rate 5.6%
🇺🇸 U.S. Interest Rate Projections – 3rd year dropped to 2.9% compared to previous rate 3.1%
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Federal Reserve
🇺🇸 U.S. Interest Rate Projections – 1st year rose to 5.1% compared to previous rate 4.6%
🇩🇪 Germany Producer Price Index (12-mth) in August below forecast and dropped to -12.6% compared to previous figure -6% in July

EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.02% to 1.06607. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.0627 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.06735 or trades above daily pivot 1.06502. Break above could target R1 at 1.0684. While to the downside, we are looking at 1.0627 (S1) and daily low of 1.06165 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.06165 would indicate selling pressure.

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

Key levels to watch out:

R3 1.0741
R2 1.07072
R1 1.0684
Daily Pivot 1.06502
S1 1.0627
S2 1.05932
S3 1.057
On Key

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