• Thu. Apr 18th, 2024

EURUSD on Thursday dropped -0.72% to 1.08900. End November up by 2.98% or 315.6 pips higher. Things to look out.

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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 -0.72% -79.2 Pips
Week to-date -0.43% -46.7 Pips
November 2.98% 315.6 Pips

Upcoming key events (London Time)

  Fri 11:30 AM EUR European Central Bank’s President Christine Lagarde speech
  Fri 04:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

 🇺🇸 U.S. Personal Spending in October dropped to 0.2% compared to previous figure 0.7% in September Source: Bureau of Economic Analysis
 🇺🇸 In the week ending 25 November, U.S. Initial Unemployment Insurance Claims rose to 218K compared to previous figure 211K (revised from 209K) Source: Department of Labor
 🇪🇺 Euro Area Unemployment Rate in October unchanged at 6.5% compared to previous report in September. The actual figure is also in line with the forecast Source: Eurostat
 🇪🇺 Euro Area Harmonised Index of Consumer Prices (HICP) (12-mth) in November preliminary estimate below forecast and dropped to 2.4% compared to previous figure 2.9% in October Source: Eurostat
 🇩🇪 Germany Unemployment Rate seasonal adjustment. in November exceed forecast and rose to 5.9% compared to previous figure 5.8% in October Source: Destatis
 🇩🇪 Germany Retail Trade (1-mth) in October exceed forecast and rose to 1.1% compared to previous figure -0.8% in September Source: Destatis
 🇩🇪 Germany CPI Inflation Rate (12-mth) in November preliminary estimate below forecast and dropped to 3.2% compared to previous figure 3.8% in October
 🇪🇺 Euro Area Business Climate (BCI) in November dropped to -0.39 points compared to previous figure -0.33 points in October Source: European Commission


What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.72% to 1.08900. 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 1.08513 with break below could see further selling pressure towards S2 at 1.08127. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09840 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08790 would indicate selling pressure.

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

EURUSD ended month of November trading session up by 2.98% or 315.6 pips higher.

Key levels to watch out:

R3 1.10613
R2 1.10227
R1 1.09563
Daily Pivot 1.09177
S1 1.08513
S2 1.08127
S3 1.07463
On Key

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