• Thu. May 30th, 2024

EURUSD on Thursday dropped -0.04% to 1.08784. 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 -0.04% -4.3 Pips
Week to-date -0.64% -69.9 Pips
January -1.44% -159 Pips

Upcoming key events (London Time)

  Fri 10:00 AM EUR European Central Bank’s President Christine Lagarde speech

What happened lately

 🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in January below forecast and improved to -10.6 points compared to previous figure -12.8, revised from -10.5 points in December
 🇺🇸 U.S. Industrial Production (1-mth) in December rose to 0.1% compared to previous figure 0.2%
 🇺🇸 U.S. Monthly Retail Trade excluding Automobile (1-mth) in December exceed forecast and rose to 0.4% compared to previous figure 0.2% in November
 🇪🇺 Euro Area Harmonized Index of Consumer Prices (HICP) (1-mth) in December unchanged at 0.2% compared to previous report in November. The actual figure is also in line with the forecast Source: Eurostat

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.04% to 1.08784. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.08476 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09068 or trades above daily pivot 1.08772. Break above could target R1 at 1.0908. While to the downside, we are looking at 1.08476 (S1) and daily low of 1.08464 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08464 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.64%.

Key levels to watch out:

R3 1.09684
R2 1.09376
R1 1.0908
Daily Pivot 1.08772
S1 1.08476
S2 1.08168
S3 1.07872
On Key

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