• Wed. Jul 17th, 2024

EURUSD on Thursday dropped -0.57% to 1.11356. What we know.

mr

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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 -0.57% -64.2 Pips
Week to-date -0.81% -90.8 Pips
July 2.09% 228.2 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

Euro Area Consumer Confidence in July preliminary estimate below forecast and improved to -15.1 points compared to previous figure -16.1 points in June DG ECFIN
U.S. Existing-Home Sales Change (1-mth) in June below forecast and dropped to -3.3% compared to previous figure 0.2% in May
U.S. Philadelphia Fed Manufacturing Survey in July exceed forecast and improved to -13.5 points compared to previous figure -13.7 points in June
In the week ending 15 July, U.S. Initial Unemployment Insurance Claims dropped to 228K compared to previous figure 237K Department of Labor
Germany Producer Price Index (12-mth) in June dropped to 0.1% compared to previous figure 1% in May

EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.57% to 1.11356. Price is below 9-Day EMA while Stochastic is falling in overbought zone.

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 1.1092 with break below could see further selling pressure towards S2 at 1.10485. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.12291 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.11170 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 1.13162
R2 1.12727
R1 1.12041
Daily Pivot 1.11606
S1 1.1092
S2 1.10485
S3 1.09799

 

On Key

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