• Mon. May 20th, 2024

EURUSD on Thursday dropped -0.55% to 1.08612. Pair in consolidation. Winners and losers.

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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 -0.55% -59.9 Pips
Week to-date -0.24% -25.7 Pips
March 0.52% 55.9 Pips

Upcoming key events (London Time)

  Fri 01:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

 🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February
 🇺🇸 U.S. Interest Rate Projections – 2nd year dropped to 3.1% compared to previous rate 3.6%
 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
 🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.6% compared to previous rate 2.5%
 🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
 🇺🇸 U.S. Interest Rate Projections dropped to 4.6% compared to previous rate 5.4%
 🇪🇺 Euro Area Consumer Confidence in March flash estimate improved to -14.9 points compared to previous figure -15.5 points in February Source: DG ECFIN
 🇩🇪 Germany Producer Price Index (12-mth) in February improved to -4.1% compared to previous figure -4.4% in January

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.55% to 1.08612. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.083 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09426 or trades above daily pivot 1.08863. Break above could target R1 at 1.09175. While to the downside, we are looking at 1.083 (S1) and daily low of 1.08551 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08551 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.24%.

Key levels to watch out:

R3 1.1005
R2 1.09738
R1 1.09175
Daily Pivot 1.08863
S1 1.083
S2 1.07988
S3 1.07425
On Key

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