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 | -0.49% | -54.2 Pips |  |
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| Week to-date | -0.96% | -107.5 Pips |  |
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| August | 2.37% | 256.5 Pips |  |
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Upcoming key events (London Time)
Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 01:30 PM USD PCE Price Index, excluding food and energy (1-mth)
Fri 01:30 PM USD PCE Price Index, excluding food and energy (12-mth)
What happened lately
U.S. Pending Home Sales (1-mth) in July dropped to -5.5%, compared to a previous figure of 4.8% in June.
The U.S. GDP annual rate in the Q2 flash estimate rose to 3%, compared to the previous figure of 2.8% in Q1. Source: Bureau of Economic Analysis
The U.S. GDP Price Index (Quarterly) rose to 2.5% in Q2 flash estimate, up from 2.3% in Q1. Source: Bureau of Economic Analysis
The U.S. Q2 flash estimate for PCE excluding food and energy prices (3-month) dropped to 2.8%, compared to the previous figure of 2.9% in Q1. Source: Bureau of Economic Analysis
The U.S. PCE Price (3-month) for Q2’s flash estimate dropped to 2.5%, down from the previous 2.6% in Q1. Source: Bureau of Economic Analysis
In the week ending 24 August, U.S. Initial Unemployment Insurance Claims dropped to 231K compared to previous figure 232K Source: Department of Labor
Germany’s Harmonized Index of Consumer Prices (1-month) flash estimate for August dropped to -0.2%, down from 0.5% in July.
Germany’s CPI inflation rate for August, based on the flash estimate, dropped to -0.1% from 0.3% in July. Source: Federal Statistical Office (Destatis)
Germany’s Harmonised Index of Consumer Prices (HICP) for August, based on a flash estimate, fell to 2% from 2.6% in July. Source: Destatis
Germany’s Harmonised Index of Consumer Prices (HICP) (12-mth) in the August flash estimate dropped to 2% compared to the previous figure of 2.6% in July. Source: Destatis
Germany’s CPI inflation rate in August’s flash estimate dropped to 1.9% from 2.3% in July. Source: Federal Statistical Office (Destatis)
Germany’s Harmonised Index of Consumer Prices (HICP) for August in the flash estimate dropped to 1.9% from the previous figure of 2.6% in July. Source: Destatis
Euro Area Business Climate (BCI) in August dropped to -0.62 points, down from -0.61 points in July. Source: European Commission
The Euro Area Economic Sentiment Indicator (ESI) in August increased to 96.6 points from 95.8 points in July. Source: DG ECFIN
Euro Area Consumer Confidence in August dropped to -13.5 points from -13.4 points in July. Source: DG ECFIN
What can we expect from EURUSD today?
EURUSD on Thursday dropped -0.49% to 1.10804. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for EURUSD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 1.10438 with break below could see further selling pressure towards S2 at 1.10073. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.11399 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.10553 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 | 1.1213 |
| R2 | 1.11765 |
| R1 | 1.11284 |
| Daily Pivot | 1.10919 |
| S1 | 1.10438 |
| S2 | 1.10073 |
| S3 | 1.09592 |
